Everstone closes its third private equity fund at $730 million

Mumbai, September 15, 2015 – The Everstone Group is pleased to announce the final close of Everstone Capital Partners III at $730 million. This fundraising comprises $700 million of LP capital from leading institutional investors, and an additional $30 million commitment from Everstone and its affiliates. Institutional demand significantly exceeded capacity, resulting in the fund closing at its hard cap.

Investors who had backed Everstone previously committed the majority of the capital, either maintaining or increasing their commitment sizes. A select number of new marquee LPs also joined. Over 50% of the capital came from North America, while Europe constituted approximately 37%. The investors are well diversified, and include significant public pension plans, insurance companies, endowments and select asset managers.

Sameer Sain, co-founder and co-Managing Partner of the Everstone Group, commented: “We are very grateful for the continued trust and support our investors have shown our institution. With multiple offices and a large talented and experienced team, we intend to continue with our proven strategy of building exceptional businesses in India and a few other select and targeted geographies.”

Campbell Lutyens acted as exclusive global placement agent and Akin Gump acted as lead counsel.

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.

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Everstone to acquire Modern bakery business

Mumbai, September 08, 2015 – The Everstone Group (Everstone) today announced that it has signed an agreement with Hindustan Unilever Limited (HUL) for the acquisition of HUL’s bread and bakery business under the brand “Modern” for an undisclosed consideration.

The transaction is subject to statutory approvals and requisite clearances. It includes the purchase of the “Modern” brand and business on a going concern basis. HUL and Everstone will work together to secure the necessary approvals to complete the transaction over the next few months. HUL will continue to manage the operations until the completion of the transaction.

Sameer Sain, Co-Founder & Managing Partner of the Everstone Group, said: “Modern is a marquee brand which has strong recall and a long standing history. Everstone is committed to making significant investments in not only unlocking the brand’s true potential, but also, once again, managing it as an independent company. We welcome Modern’s employees and partners to the Everstone family.”

HUL’s bread and bakery business consists of a full range of white and sweet breads, health and wellness breads and value added bakery products such as cakes, muffins, buns, pavs, cream rolls under the well-known “Modern” brand name. The business currently has six own operating manufacturing units and a network of franchisees across India.

About the Everstone Group: The Everstone Group is a premier India and South East Asia focused Private Equity and Real Estate investor with over US$ 3 billion of assets under management. Headquartered in Singapore, with offices in Mumbai, Delhi, Bengaluru, and Mauritius, the Everstone Group has been awarded Private Equity Firm of the Year by Private Equity International, for four consecutive years (2011 to 2014). Everstone follows an active and operational investing style and has a history of building large-scale businesses. The group also has several investments in the food and beverages space including, but not limited to, Burger King India, Domino’s Indonesia, and several other restaurant brands.

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Burger King’s Helping Hands In India

Despite being a late entrant to India’s crowded fast-food sector, where rival McDonald’s has been entrenched for nearly two decades, Burger King Worldwide managed to whip up a frenzy before opening its first shop. Preselling its burgers on eBay, it drew online orders for 1,200 Whoppers (mutton, chicken and vegetarian but no beef) for $2 apiece, all within a few hours.
Link: http://www.forbes.com/sites/naazneenkarmali/2015/01/28/burger-king-gets-a-pair-of-helpinghands-
in-india/


Thanks to the e-buzz, more than 5,000 people thronged Burger King’s first outlet when it opened in a New Delhi mall last November. The chain has gone on to open ten restaurants in all so far–five each in Delhi and Mumbai.

“We don’t believe in growing slowly,” declares Sameer Sain, cofounder and managing partner of Everstone Group, a Singapore-registered private equity outfit with a 25-year master franchise for Burger King in India. The multinational fast-food chain, which is owned by gonzo equity firm 3G Capital, bypassed several bigger suitors in 2013 when it selected little-known Everstone for India.

Though a dark horse, Everstone was no stranger to the counter trade. It had 244 eateries, including popular local chains such as Copper Chimney, Bombay Blues and Noodle Bar. Moreover, Everstone was willing to invest for the long haul–up to $80 million in a nationwide rollout: “We were hungry for the business,” admits managing partner Atul Kapur, who cofounded the firm with Sain in 2006.

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Everstone Hires Bhavna Thakur as Head of Capital Markets and Exits

Mumbai, May 28, 2015 –The Everstone Group is pleased to announce the appointment of Bhavna Thakur as Head of Capital Markets and Exits. Based in Mumbai, Bhavna will lead the capital markets and exits function across both the private equity and real estate businesses, working closely with the investments and operations teams.

“We are delighted to have Bhavna join the Everstone team. Her deep experience in the financial markets, both in India and beyond, will be a tremendous asset to the firm as we build a dedicated capital markets and exits group to work with our portfolio companies.” said L. Brooks Entwistle, Partner and Chief Executive Officer, Everstone Group.

Bhavna has over 17 years of corporate finance, investment banking, M&A, and capital markets experience. Previously, Bhavna has worked with Citigroup, Morgan Stanley, Wharton & Garrison LLP, and Davis Polk and Wardwell LLP. Bhavna holds a BA LLB (Honors) from National Law School of India and a Masters in Law from Columbia University.

The Everstone Group is a premier India and South East Asia focused private equity and real estate investment firm. Headquartered in Singapore, Everstone has over 180 people working across five offices (Singapore, Mumbai, Delhi, Bangalore and Mauritius). Everstone was awarded the Private Equity Firm of the Year in India by Private Equity International for four consecutive years (2011, 2012, 2013 and 2014).

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Everstone Augments its Operations Team. Hires Roshini Bakshi and Rajev Shukla

Mumbai, April 20, 2015 – The Everstone group is pleased to announce the appointment of Roshini Bakshi and Rajev Shukla as Managing Directors in the Everstone Private Equity Team.
Based in Singapore, Roshini and Rajev will work with the Everstone investments team and portfolio companies to craft global growth opportunities, provide strategic guidance, and create value. They will also work on sourcing and managing investment opportunities in the region.

Roshini is a former Vice President and Managing Director of Walt Disney, where she was responsible for the consumer, licensing and retail business in India and South Asia. Roshini has over 25 years of experience building and driving consumer businesses and brands across various Asian markets and in global corporations including Walt Disney, Polaris Software, Mattel Toys, Unilever and the Tata Group of Companies. Roshini serves as an independent director on the boards of Persistent Systems Ltd and JM Financial Services Ltd in India. She holds an MBA from IIM Ahmedabad, and a BA (Hons) in Economics from St. Stephens College (Delhi).

Rajev is a former Vice President of Unilever, with 21 years of operating experience across the globe in a wide variety of roles. Rajev has served as a senior member of Unilever’s Global Skin Category Leadership team since 2008, and most recently leading the Global Skin Care Strategy & Business Development. In his prior roles, Rajev has been the Global Head of Unilever’s flagship Skin Care Brand, Pond’s, and served as Head of Unilever’s Skin Category in South East Asia & ANZ. Rajev began his career in India, with over a decade of experience leading Hindustan Unilever’s megabrands such as Fair & Lovely and Lifebuoy and is credited as the architect of Hindustan Unilever’s successful Modern Trade Strategy early in his career. Rajev holds an MBA from IIM Calcutta, and a Bachelor of Technology, Electronics & Communications Engineering from IIT-BHU.

“We are pleased to welcome Roshini and Rajev to Everstone as we continue to grow the team and invest in, and build world-class businesses in the region.” said L. Brooks Entwistle, Partner and Chief Executive Officer, Everstone Group. “Their combined experience includes working with some of the world’s largest consumer businesses and we believe their expertise can add immense value to our portfolio companies. We are confident of deriving significant growth and impact using their insights and experience.”

The Everstone Group is a premier India and South East Asia focused private equity and real estate investment firm. Headquartered in Singapore, Everstone has over 180 people working across five offices (Singapore, Mumbai, Delhi, Bangalore and Mauritius). Everstone was awarded the Private Equity Firm of the Year in India by Private Equity International for four consecutive years (2011, 2012, 2013 and 2014).

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Everstone acquires Aon Hewitt’s Asia-Pacific payroll processing business

Mumbai, April 1st, 2015 – Everstone Capital, a premier India and South East Asia focused private equity and real estate investment firm, has acquired the Asia Pacific payroll business of Aon Hewitt. Headquartered in Singapore, the business operates under Payfront Technologies Pte. Ltd. and will be rebranded as “ Excelity Global”.

Excelity Global is a leading provider of a broad range of services in payroll processing and human resources management, with over 400 clients across 17 countries in the Asia-Pacific region, serviced through its offices in India, Singapore, China and the Philippines. The company processes over 9 million pay slips annually and has the capability to service clients across industries globally. In addition, the company uses a proprietary and highly scalable platform that includes core payroll processing, data aggregation, and supplemental systems. Gurinder Singh, head of Aon Hewitt’s Asia Pacific payroll business, will continue to serve as the leader of the new organization, as the Chief Executive Officer of Excelity Global.

“We have established a formidable payroll business across India, Singapore, China and the Philippines, and we foresee continued strong demand for high-quality payroll solutions in the region,” said Gurinder Singh, Chief Executive Officer, Excelity Global. “We believe our partners at Everstone have the means and strategic intention to invest in the business and deliver added value to clients. We are deeply committed to the payroll and related HR businesses and will continue to grow it in the region, as well as globally,” he said further.

According to Dhanpal Jhaveri, Managing Partner – Private Equity, Everstone Group, “As a former division of a large global firm, Excelity has built a strong reputation in providing exceptional payroll processing solutions to several marquee Asia based corporates. Today, as an independent firm run by the same management team and using the same technology, we believe Excelity has a greater purpose, focus and future. Everstone will be investing significant capital and resources into Excelity’s platform in order to enhance its service offering, and also to maintain leadership in the payroll processing and the broader human resource management space, not just in Asia, but also in other parts of the world.”

About Everstone Group
The Everstone Group is a premier India and South East Asia focused private equity and real estate investment firm. Headquartered in Singapore, Everstone has over 140 people working across five offices (Singapore, Mumbai, Delhi, Bangalore and Mauritius). Everstone was awarded the Private Equity Firm of the Year in India by Private Equity International for four consecutive years (2011, 2012, 2013 and 2014).
www.everstonecapital.com

About Excelity Global (Company name: Payfront Technologies Pte. Ltd.)
Excelity Global is a leading provider of a broad range of services in payroll processing and human resources
management, with over 400 clients across 17 countries in the Asia-Pacific region, serviced through its offices
in India, Singapore, China and the Philippines. We partner with organizations to solve their human capital
challenges by providing tailor made outsourcing solutions that are delivered with precision. With a
committed workforce of 600 employees, we are constantly challenging the status quo and working behind
the scenes to empower the people business of organizations across the globe.
www.excelityglobal.com

For inquiries please contact:
Debobrata Hembram, Excelity Global | Ph: +919717244855 | Email:
debobrata.hembram@excelityglobal.com

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Everstone awarded ‘Firm of the year in India’ for the 5th consecutive year by Private Equity International

Mumbai, March 04, 2015 – The Everstone Group has been awarded ‘Firm of the Year’ by Private Equity International (PEI) for the fifth year running. The latest award for 2015 is by the highly reputed industry publication Private Equity International. The 2015 award, a non-stop winning streak since 2011, followed a rigorous nomination and global voting process which involved investors, peers and other PEI subscribers from the private equity industry.

Speaking on the award, announced by PEI on March 1st, Sameer Sain, Co-Founder and Managing Partner, Everstone Group said on Friday: “We’re both thrilled and humbled to have been selected for the fifth year in a row as the best private equity firm in India, and I am deeply thankful to our investors, partners and friends for their vote of confidence, as well as to our employees for their dedication and high level of professionalism.”

On the transaction front, last year, Everstone acquired Excelity Global, the Asia Pacific payroll business of AON Hewitt; Modern, Hindustan Unilever’s bread and bakery business; and also provided an additional investment in New Delhi-based education publisher S Chand Group.

The firm also exited from Global Hospitals with its sale to Malaysia’s Parkway Hospitals, generating over 3x returns on the investment. Everstone also strengthened its private equity team by hiring Walt Disney executive Roshini Bakshi and Unilever’s Rajev Shukla as Managing Directors, and Citibank executive Bhavna Thakur as Head of Capital Markets and Exits, and continues to look at further reinforcing its private equity function.

The PEI Awards are the largest and most prestigious awards within the global private equity industry. With nearly multiple categories for selection, voters have the chance to vote for the awards across the Americas, EMEA and Asia-Pacific.

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 four consecutive years.
www.everstonecapital.com

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Where Menu is King

When Forbes India first visited Burger King in July this year, its office in Mumbai’s Lower Parel business district was a beehive of activity. Employees were busy scouting for locations, negotiating with suppliers, conducting blind tastings and fine-tuning the international hamburger chain’s India menu. At the time, the $1.1 billion (2013 revenues) global fast food giant was still a quarter away from launching in India, but the countdown had begun.
Link: http://forbesindia.com/printcontent/39047


Burger King has been keen on entering India since it was acquired by 3G Capital in 2010 in a $3.8 billion deal. “Any private equity player will be looking for rapid growth, and India would be an obvious market for a brand like Burger King,” says Devangshu Dutta, founder of Third Eyesight, a retail consultancy in Delhi. And the fast-food chain plans to be in India for the long haul. “Everyone has seen spends slow down in the last couple of years, but if you are entering a market with a 20-year time horizon, this slowdown is just a blip,” says Dutta.

At the time, Everstone Group had its hands full with the takeover of Blue Foods, now Pan India Food Solutions, which owns Copper Chimney, Noodle Bar and Bombay Blue, among other brands. Before it was acquired by Everstone, the restaurant chain had been burdened with heavy debt and high attrition. But it was in turning it around that Jaspal Singh Sabharwal, a partner at Everstone Group, saw an opening in the QSR arena. “We realised that there was room for a brand in the space, but what we needed was an iconic name,” he says.


Everstone was also aware that the Indian market had matured considerably since McDonald’s opened its first outlet in New Delhi’s Basant Lok market in 1996. At the time, most of its machines were imported, and even the fries and meats were flown in. It was only in 1997 that McDonald’s started taking its vendor development programme seriously. Today, all its products are locally sourced and manufactured.

In 2013, Everstone hired STEER Partners to introduce it to fast food players in Europe and the US, and talks with the parent company, Burger King Holdings Inc, began. That very year, the two firms agreed to enter into a joint venture to enable Burger King’s foray into India.

It was a win-win situation for both parties. Everstone, with its keen eye on real estate, helped the chain identify prime locations far more easily, and used its relationships with mall developers to get Burger King in. In Mumbai, for instance, the fast food chain will be opening an outlet in Phoenix Mills, a dozen metres from arch-rival McDonald’s. This would not have happened as easily without Everstone; after all, its Blue Foods had already leased the space.

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Everstone to acquire controlling stake in Servion Global Solutions, ropes in Solmark as Partner

Mumbai, November 19, 2014 – Everstone Capital, along with Solmark, has signed an agreement to invest INR 403 crore (USD 66 million) for acquiring a controlling stake in Servion Global Solutions Ltd (Servion). The investment has been done through Evertech Pte Ltd, the Everstone Group’s technology investing platform.

Servion specializes in delivering cutting edge ‘Customer Interaction Management (CIM) solutions and applications for companies, enhancing customer interactions via the phone, internet, email, chat and social media. The company has revenues exceeding INR 350 crore in FY2014, a marquee customer base and global footprint of more than 60 countries.

Prateek Dhawan, Managing Director, Everstone, who led this transaction and will be joining the board of the company, said, “Servion’s cutting edge solutions and outstanding management team offer a unique and strong investment opportunity. Combining efforts with our long standing friends and partners at Solmark will enable us to propel the company’s growth to the next level.”

Balakrishnan K., CEO & Managing Director, Servion, said, “Servion is at an inflection point today. We aim to widen our footprint, design and adopt new age technologies, deepen our understanding of customer problems and as a result, positively impact every single interaction happening across the world. To enable us to get there, we need to make strategic investments in several critical areas, and this partnership with Everstone and Solmark will help us address that. We are excited about the partnership and we trust that their combined expertise, experience, and track record of partnering with management teams will help us achieve the shared vision of building a leading global business.”

Puneet Pushkarna, General Partner, Solmark, said, “We look forward to working with the talented management team and employees at Servion to accelerate the company’s growth and strengthen its leadership as a complete CIM solution provider. We are also excited to work with our friends at Everstone as partners and co-investors.”

Prateek Dhawan, Managing Director, Everstone and Puneet Pushkarna, General Partner, Solmark will be joining the board of Servion. The transaction, which was advised by Avendus Capital, will provide an exit to most of the existing financial investors and non-working promoters.

About Everstone Group
The Everstone Group is a premier India and South East Asia focused private equity and real estate investment firm. Headquartered in Singapore, Everstone has over 140 people working across five offices (Singapore, Mumbai, Delhi, Bangalore and Mauritius). Everstone was awarded the Private Equity Firm of the Year in India by Private Equity International for three consecutive years (2011, 2012 and 2013).
www.everstonecapital.com

About Solmark
Solmark, an ‘Entrepreneurs Equity Fund’, aims to partner with entrepreneurs to create global leaders in markets their companies serve. Founded by a group of tech entrepreneurs who have launched and built several successful companies, Solmark’s operating managers bring expertise in all aspects of growing a company in a competitive global marketplace, helping entrepreneurs grow and scale their business. Solmark has a presence in the Silicon Valley, New York, Washington DC, and Singapore.
www.solmark.com

About Servion
Established in 1995, Servion Global Solutions Ltd. specializes in Customer Interaction Management (CIM) solutions that help companies enhance customer interactions via phone, internet, email, chat and social media. With over 600 customers and 1000 installations in more than 60 countries, Servion’s products and solutions handle in excess of 7 billion voice/fax/Automatic Call Distributor (ACD)/Web/e-mail interactions per year. The company has an employee base of over 800. The CIM solutions are offered to a wide range of verticals such as banking and finance, telecommunications, business process outsourcing, transportation, retail, and hospitality.
www.servion.com

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