Everstone Group partners with Suresh Vaswani to strengthen its’ global information technology investment effort

Mumbai, May 20, 2019 – The Everstone Group has partnered with Suresh Vaswani, who was previously the President of Dell Services and Co-CEO of Wipro, to co-invest in the information technology sector. He will be a Senior Director at the Everstone Group and will also join the board of two group companies – Servion Global Solutions, a US headquartered omnichannel customer experience management company and Innoveo AG, Switzerland based InsurTech Cloud software provider.

Suresh will work closely with Avnish Mehra, Managing Director, Everstone Group to provide strategic and operational expertise in current and prospective investee companies worldwide. He will be based out of the US and split his time between U.S. and India.

“Suresh brings a wealth of global information technology expertise and experience. This partnership will strengthen our capability set on the sector as a whole, and specifically on our cross-border investment strategy, where we synergize with our infrastructure in India and South East Asia.” said Sameer Sain, CEO, The Everstone Group.

“Everstone Group has a global mindset with a strong understanding and expertise in the information technology sector. I am delighted to partner with them and look forward to working closely with the Everstone team globally.” said Suresh Vaswani, Senior Director, Everstone Group.

Suresh recently joined the board of Vodafone-Idea and is an external advisor to Bain Consulting. He has over three decades of leadership experience across global IT/technology majors which includes Dell, IBM and Wipro. Suresh is an alumnus of Indian Institute of Technology, Kharagpur with an MBA from Indian Institute of Management, Ahmedabad.

About Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com

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Modern keeps up with the times

Three months after private equity fund Everstone completed its acquisition of Modern Foods Enterprises from HUL, the brand is in for a makeover. With new products that cater to health conscious bread buyers and a proposed bakery chain, the label is getting ready for a new life at 50.

Read more at: https://www.business-standard.com/article/management/modern-keeps-up-with-the-times-116102001282_1.html

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The building of Everstone Capital

About seven years ago, when Sameer Sain was raising funds for Everstone Capital Management’s second private equity (PE) fund (Everstone Capital Partners II), the former managing director at Goldman Sachs Group Inc. got turned down by an investment manager of a university endowment fund who came very close to making an investment but eventually balked.

Read more at: https://www.livemint.com/Companies/TByiSkqvNTg3J3SMsC4UIL/The-building-of-Everstone-Capital.html

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Everstone partners with Sunrise BPO to buy C3, a global CRM solutions provider

Singapore, October 6, 2016 – Everstone Group, along with Sunrise BPO, has signed a definitive agreement to buy US-based C3 (CustomerContactChannels), a global CRM solutions provider. The investment will be done via Everise Services in Singapore, a company held by Everstone, along with Sunrise BPO as a co-investor.

Founded in 2010, C3 is headquartered in the United States. C3 has expansive operations in the Philippines and Guatemala and has enjoyed a remarkable revenue CAGR of more than 60% over the past six years. The company has a marquee list of more than 20 clients in healthcare, telecommunications & media, consumer internet, logistics, retail, travel & hospitality and financial services. C3 also provides training and consulting in the customer management solutions space, as well as sales, performance optimization, reputation management and complete customer lifecycle management via traditional, web, and emerging communication channels. C3 provides multi-lingual support to clients and has seven operating centers across the U.S., the Philippines and Guatemala, with nearly 8,000 employees. C3’s US headquarters is in Plantation, Florida.

Everise plans to make C3 into a US$500-plus million revenue company in the next five years, from nearly $200 million currently. As part of this strategy, Singapore-based Sunrise BPO Pte. Ltd (Sunrise BPO), will take the leading role in operating the business, in addition to bringing capital. Everstone will be the largest financial investor and it will take the lead in C3’s India operational build-out to grow the company.

The new CEO of C3 will be Sudhir Agarwal, the founder of Sunrise BPO.

This will be Everstone’s third investment through its latest private equity fund, ECP III, which raised US$730 million last year, and the second investment into the ITES-enabled space after it acquired Servion Global Solutions, a leading Customer Engagement Management firm, in 2014.

“We are excited to partner with Sunrise in the acquisition of this marquee business. I look forward to leveraging our deep understanding of the sector and strong presence in India to further build C3’s global business,” Sameer Sain, Co-Founder & Managing Partner of the Everstone Group, said.

Sudhir Agarwal added to the positive assessment. “It’s a privilege to help lead a company like C3 that has made a significant impact on the outsourced CRM solutions space in such a short time.”

“Sunrise BPO not only brings capital, along with our key partner Everstone, but we also bring in the capability to rapidly scale C3’s business in the US and Asia and greatly improve customer experience, working closely with all of C3’s amazingly skilled employees and agents,” Agarwal added.

Everise will acquire 100% of C3. The current President & COO of C3, Rick Ferry, along with C3’s experienced leadership team, will continue as part of the leadership in his new role as CEO-USA.

“The team and I are committed and excited about this move and will work with Everise to grow the business globally,” Ferry said.

Prateek Dhawan, Managing Director – Private Equity, Everstone Group will join the Everise board.

“Taking the C3 platform and enhancing its delivery model using analytics and other technology tools is a huge opportunity,” Dhawan said. “We look forward to growing C3 organically, as well as inorganically.”

About Everstone Group
The Everstone Group is a premier India and Southeast Asia focused private equity and real estate investment firm with assets under management of USD $3.3 billion. Headquartered in Singapore, Everstone has around 200 people working across five offices including Mumbai, Delhi, Bengaluru, and Mauritius. The firm’s strong presence and network in India and Southeast Asia allows its existing and new portfolio businesses to build operations in the region and beyond. Everstone has been awarded ‘Private Equity Firm of the Year in India’ by Private Equity International for five consecutive years. For more information, visit www.everstonecapital.com

About Sunrise
Sunrise BPO Pte. Ltd. is a Singapore-based Business Process management (“BPO”) company with the business mission to be the world’s foremost integrated customer service solution provider, focused on the Americas and the Far East markets. It has been set up with the strategic intent to offer its customers a multi-channel and integrated service solution with a focus on Contact Centre, Back Office and analytics delivered through tech-based service oriented products and process capabilities. This will drive cost savings, create value, and enable Innovation for its clients. Sudhir Agarwal is the founder and a co-investor in Sunrise. He has over 17 years’ experience in the BPO industry with Genpact and Aegis. Sunrise is also backed by global HNI investors who are thought leaders of international repute and who are committed to Sunrise’s financial, operational, and strategic vision.

About C3
C3 provides a full range of customer contact management services for corporate clients in the healthcare, financial services, telecommunications, energy and utilities, media, travel, retail, logistics, hospitality, and government services industries, from both US and international locations. C3’s founders are considered pioneers in the industry, having successfully grown global BPO companies over the last several decades. As a result, the company is uniquely positioned to deliver outstanding results for its clients through proven operational best practices and its veteran leadership team. Visit www.c3connect.com

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Burger King plans aggressive global expansion on India innovation

It has been quite a speedy ride for Burger King in India. Within two years of its launch, the fast food major has expanded its presence to 66 outlets in nine cities, and India master franchisee Everstone Capital has lined up $100 million for aggressive expansion plans over the next few years.

Read more at  https://economictimes.indiatimes.com/industry/cons-products/food/burger-king-plans-aggressive-global-expansion-on-india-innovation/articleshow/54575654.cms

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Servion hires IT services veteran Sameet Gupte as CEO

Mumbai, June 6, 2016 – Servion Global Solutions Ltd, a leading Customer Engagement Management (CEM) solutions provider, today announced the appointment of Sameet Gupte as its new CEO and Board member. The new appointment comes as the company aims to double sales within the next four years.

Gupte is an industry veteran with an established track record of building IT Services businesses across Asia, the United States, and Europe. Prior to joining Servion, Gupte was Executive Vice-President & Global Head of financial services for VirtusaPolaris, an IT consulting firm. Before that, he built and led successful businesses in North America and Europe for Headstrong and Genpact Capital Markets.

Gupte replaces Balakrishnan K. who has been elevated to Executive Vice Chairman of Servion’s Board. In his new post, Balakrishnan will play a more involved role in developing the company’s future vision.

“With his rich and diverse experience in global markets, Gupte will take the firm to the next level of growth, as well as increase its engagement with the growing digital and cognitive space that is focused on customer experience,” said Puneet Pushkarna, Chairman of the Board of Directors for Servion.

With the new high-level appointments, the board is being strengthened, as the firm moves to boost the current 20% growth that it is witnessing, and double its revenues in the next four years.

“With the company set for continued robust growth, I am excited to be working with Gupte on the firm’s wider strategy,” said Balakrishnan K.

As a part of its move to double revenues, Servion is strengthening its presence in the US, Britain, Australia, Southeast Asia and the Middle East.

“I feel privileged to be part of the Servion team. With my colleagues’ support, as well as the Board’s guidance, I plan to help Servion build a more robust, geographically diverse and scalable business,” said Gupte.

“Within the Digital space, customer experience is evolving as the single largest differentiator for major industries like BFSI, Telco & Healthcare,” Gupte added. “With its IP-based platforms Servion is perfectly positioned to establish itself as a leader in the Proactive Customer Management space, within these focused industries.”

Pushkarna added: “These management changes come at a time when Servion is further stepping up efforts to provide simple, effective and competitive offerings to companies that increasingly need real-time solutions and analytics in their customer interactions.”

Evertech, an SPV of Everstone Capital and Solmark, which owns a majority stake in Servion, said that the elevation of Balakrishnan and appointment of Gupte would align strategy more closely with the changing digital landscape and the increasing tempo of Servion’s operational moves.

“Mr Gupte and Mr Balakrishnan’s new roles show that Servion is entering exciting times and pushing growth assertively by ensuring even greater alignment between vision, strategy and operations,” Prateek Dhawan, MD at Everstone and a member of the Servion Board, said.

About Servion
Servion specializes in Customer Experience Management (CEM) solutions that help organizations design and deliver superior experience for their customers. With expertise spread across consulting, implementing and managing CEM solutions and technologies, Servion enhances the effectiveness and efficiency of customer interactions for over 600 organizations across more than 60 countries. On an average, Servion’s solutions handle over 10 billion multi-channel interactions every year across multiple channels and industry verticals. It helps transform the way people connect with enterprises. For more information on Servion Global Solutions, please visit: www.servion.com

About Everstone Group
The Everstone Group is a premier India and Southeast Asia focused private equity and real estate investment firm with assets under management of USD $3.3 billion. Headquartered in Singapore, Everstone has around 200 people working across five offices including Mumbai, Delhi, Bengaluru, and Mauritius. Everstone has been awarded ‘Private Equity Firm of the Year in India’ by Private Equity International for five consecutive years.
For more information, visit www.everstonecapital.com

About Solmark
Solmark is an equity fund started by a group of technology entrepreneurs who have launched and built several companies, and who bring expertise into all aspects of growing a company in a competitive global marketplace.
For more information, visit www.solmark.com

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Everstone Completes Acquisition of Modern Foods

Mumbai, Friday, April 1, 2016 – The Everstone Group today announced that it had completed the
acquisition and transfer of Hindustan Unilever Limited’s (HUL) bread and bakery business under the brand
Modern” and had made top-level management changes in the firm, including appointing senior business
leader Kuldip Kaura as Chairman of the board.

It also appointed Aseem Soni, former Cargill Foods executive, as its new CEO with immediate effect.
The definitive closure of the deal for the acquisition of Modern for an undisclosed amount was announced
by HUL and Everstone on April 1, 2016, after both parties secured the necessary statutory approvals and
clearances. The deal completion sees the sale and transfer of the “Modern” brand and business on an
ongoing concern basis to Modern Food Enterprises Private Ltd., as the business will now be known.

“Modern is an iconic brand that virtually created the bread category in India and is synonymous with trust
and quality for over 50 years. The Everstone Group will work with its management and board to make
significant investments and deploy the Group’s operational expertise to unlock the brand’s full potential, as
well as expand its portfolio and reach,” said Everstone Co-Founder and Managing Partner Sameer Sain.

“We welcome Modern Foods employees and partners to the Everstone family,” added Sain.

Speaking on the management changes, Everstone said it was appointing eminent public leader and ex-DGP
of Maharashtra police, Dr. P.S. Pasricha, to its board as an independent director. Kaura, who heads the
board, is a former MD & CEO of ACC Cement, has been on the national committee of the highly respected
Federation of Indian Chambers of Commerce and Industry. He is currently a Senior Director with Everstone.
Soni, the new CEO, who earlier headed Cargill’s consumer pack vertical, is also a member of the board.

Two Everstone Managing Directors will also serve as board directors. They are Rajev Shukla, who is a
Unilever veteran with in-depth experience in building consumer brands and businesses, and Deep Mishra,
who led the Modern transaction. Ravindra Nair, Krishna Kumar and N L Mehta, currently senior General
Managers at Modern’s Bakery Division, are being elevated to Executive Director with additional national
responsibilities across Modern Foods.

“Modern is one of just two brands with a pan-India presence in the bread and bakery segment. Yet there are
major opportunities to strengthen our geographic coverage, expand the portfolio, and extend our iconic
brand to adjacent and newer categories, both organically and via acquisitions,” said Soni.

“I am excited to work with Modern Foods’ amazing team and the board, and aim to quadruple the turnover
to INR 1,000 crore in the coming years by providing high-quality, affordable, tasty, and healthy food options
in bread, baked goods and possibly in new categories,” added Soni.

About Modern Foods
Established in 1965 by the Government of India, Modern was the first branded bread in India. In the
following decades, Modern became one of India’s best recognized brands with a full range of white, sweet,
health and wellness breads, as well as value-added bakery products such as rusks, cakes, muffins, buns, pavs
and cream rolls. Modern Foods’ bread and bakery products are manufactured and marketed nationally
through a network of nearly 50 manufacturing plants and over 75,000 outlets.
www.modernfoods.co.in

About Everstone Group
The Everstone Group is a premier India and Southeast Asia focused private equity and real estate investment
firm with assets under management of $3.3 billion. Headquartered in Singapore, Everstone has nearly 200
people working across five offices including Mumbai, Delhi, Bangalore and Mauritius. Everstone has been
awarded ‘Private Equity Firm of the Year in India’ by Private Equity International for five consecutive years.
www.everstonecapital.com

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Veteran investor Avnish Mehra Joins Everstone Group

Mumbai, March 08, 2016 – The Everstone Group today announced the appointment of veteran investor Avnish Mehra as a Managing Director in its private equity business. In addition to investing in sectors such as Healthcare, Telecom and Media where Mehra has significant experience, he will also lead Everstone’s Special Situations vertical.

Prior to joining Everstone, Mehra has had over 18 years of work experience, the majority of which were spent investing in Asia and Europe with marquee global investment firms. Most recently, Mehra was a member of the team that established the India business for Advent International where he was involved in some notable transactions including investments in Care Hospitals, Crompton Greaves, CIBIL and CAMS. Mehra is an M.A. in Economics from Cambridge University (UK) and a B.A. in Economics from St. Stephen’s College, University of Delhi. He is also is a CFA Charter Holder from the CFA Institute (USA).

“Avnish brings a wealth of India and international investing experience. In addition, his strong background in both private debt and private equity will enhance our ability to do complex transactions,” said Sameer Sain, Co-Founder and Managing Partner of the Everstone Group.

“I am very excited to be a part of the Everstone platform and to contribute to its growth and success,” said Mehra. “Everstone has rapidly emerged as a leading investing business in the region with deep operating capabilities and an ability to build unique businesses.”

“I look forward to working closely with the Everstone team in India, as well as internationally,” added Mehra.

Most recently, Everstone bought Aon Hewitt’s payroll processing in Asia, as well as Modern Foods from Unilever.

About The Everstone Group
The Everstone Group is a premier India and Southeast Asia focused private equity and real estate investment firm with assets under management of $3.3 billion. Headquartered in Singapore, Everstone has nearly 200 people working across five offices including Mumbai, Delhi, Bangalore, and Mauritius. Everstone has been awarded ‘Private Equity Firm of the Year in India’ by Private Equity International for five consecutive years.
For more information, visit www.everstonecapital.com

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S Chand raises US$ 27 million from IFC and The Everstone Group

New Delhi, November 24, 2015 – Indian education content provider, S Chand and Company Private Limited (S Chand) has raised US$ 27 million financing from IFC, a member of the World Bank Group, and existing investor, the Everstone Group. Everstone continues to be a significant minority investor in the Company.

The investment will be used to scale-up operations in education publishing and the digital education space which will enable S Chand to reach more students, in addition to creating skilled jobs.

“IFC’s investment, in addition to global expertise in the education industry, will be used to extend S Chand’s leadership position in the knowledge services business, support our pan India expansion strategy and augment textbooks with multimedia and digital delivery content,” said Mr. Himanshu Gupta, Joint Managing Director, S Chand. “We believe digital content has the potential to empower teachers and significantly increase attention and understanding of abstract concepts for students.”

IFC will provide equity capital to help the company expand into new sub-segments of education and establish itself as a leader in the non-infrastructure education sector.

Congratulating S Chand on this new partnership, Chris McCahan, Chief Investment Officer, IFC said, “the success of the overall education delivery system depends on the education material made available to students. S Chand is one of the few companies with the scale to increase access to affordable quality education material, particularly in tier II and tier III cities.

India is IFC’s top country exposure. IFC’s committed portfolio in India is over $5 billion as of June 30, 2015. In FY 15, IFC committed $1.4 billion in new investments. In addition to strengthening local capital markets in India, IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, and expanding access to high-quality and affordable services such as healthcare and education.

About S Chand Group
The S Chand Group, managed by Dinesh Jhunjhnuwala (Chairman) and Himanshu Gupta (Joint Managing Director), has grown to be one of the largest content and service providers in the Indian education sector, publishing around 35 million text books and delivering over 4,000 hours of e-content to 20 million students annually. The Company has been investing in the fast growing ed-tech space, with a presence in tablet-based content delivery, online tutoring, and online test preparation for government and PSU entrance examinations.
For more information, visit www.schandgroup.com

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private
sector in emerging markets. Working with more than 2,000 businesses worldwide, IFC uses its capital,
expertise, and influence, to create opportunity where it’s needed most. In FY15, IFC’s long-term investments
in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the
global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org

About The Everstone Group
The Everstone Group is a premier India and Southeast Asia focused private equity and real estate investment
firm with assets under management of $3.3 billion. Headquartered in Singapore, Everstone has nearly 200
people working across five offices including Mumbai, Delhi, Bangalore, and Mauritius. Everstone has been
awarded ‘Private Equity Firm of the Year in India’ by Private Equity International for four consecutive years.
For more information, visit www.everstonecapital.com

For inquiries please contact:
Tina Pawar, Head of Corporate Communications, Everstone | +9122 40436078 |
tpawar@everstonecapital.com

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