Advanced Enzyme raises Rs108 crore as structured debt from Avendus Finance
Advanced Enzyme provides enzyme-based solutions for a variety of industries, including pharmaceuticals, nutraceuticals, animal nutrition and food processing
Mumbai: Advanced Enzyme Technologies Ltd has raised Rs108 crore as structured debt from Avendus Finance Pvt Ltd, the non-banking finance company (NBFC) business of KKR-backed Avendus Capital, the company said on Monday.
Advanced Enzyme provides enzyme-based solutions for a variety of industries, including pharmaceuticals, nutraceuticals, animal nutrition and food processing.
Its clientele includes Indian pharmaceutical companies in the nutraceutical and nutrition segment across the globe. The company has manufacturing facilities and R&D centres across India, US and Germany with significant part of its revenues coming from the overseas markets, the company said.
“It is a pleasure to have partnered with people who understand and appreciate the inherent value of the business and believe in our vision. Avendus Finance has delivered a seamless solution for us and that too in a very time-bound manner. We have definitely laid the foundation of a very promising relationship with Avendus,” said C. L. Rathi, managing director of Advanced Enzyme.
Avendus Finance provides customized financing solutions for mid-market businesses such as growth financing, sponsor financing, recapitalization, asset financing, bridge funding, acquisition financing, pre-IPO financing and project funding.
“The Rathi family has built a world class business in Advanced enzyme which is entrenched in a research-driven ideology and has thus helped the group establish itself as one of major players in the global enzyme industry,” said Sandeep Thapliyal, managing director and chief executive at Avendus Finance.
“The experienced management, superior operating performance of the company with high profitability and well thought out global expansion strategy are few of the reasons that excite us about the prospects of the company. This transaction exemplifies our philosophy of providing customized solutions to high quality sponsors with sound underlying businesses,” Thapliyal added.
Since its launch, Avendus Finance has been actively lending structured debt to companies. This year in February, Avendus Finance announced a structured debt deal of Rs55 crore with Rao Edusolutions Pvt. Ltd, that operates a pan-India network of competitive exam coaching centres.
Businesses that have raised credit from Avendus Finance include Hyderabad-based hospital chain Krishna Institute of Medical Sciences Ltd, auto component maker Mahindra Sona Ltd, and OmniActive Health Technologies Ltd, a nutraceutical ingredients manufacturer.
On 8 April, Mint reported that Avendus Finance is also planning to enter small and medium enterprises (SME) financing by lending to vendors, dealers and distributors of mid-market businesses.
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