IndoSpace and GLP Form Strategic Partnership

Mumbai, 23 September 2018 – IndoSpace, the largest industrial real estate company in India, and GLP, the leading global provider of modern logistics facilities and technology-led solutions, have established a long-term partnership. GLP will partner with IndoSpace and also co-invest in IndoSpace’s managed investment vehicles. The partnership enables IndoSpace to leverage GLP’s fund management, development and operational expertise and resources, as well as GLP’s extensive global customer network, to further strengthen IndoSpace’s leadership position in India.

IndoSpace has an established platform with over US$2 billion in assets under management today and plans to raise additional capital to build out a pipeline of approximately 120 million square feet of modern logistics infrastructure. Demand for logistics facilities in India is driven by economic expansion, growth in organized retail and e-commerce and the modernization of India’s supply chain, underpinned by favorable government policies, such as the Goods and Services Tax and the ‘Make in India’ initiative.

Through this partnership, GLP will also become an investor in IndoSpace Core, a joint venture established in 2017 by IndoSpace and Canada Pension Plan Investment Board (CPPIB) that is focused on acquiring and developing modern logistics facilities in India. CPPIB initially committed approximately US$500 million to IndoSpace Core and owns a significant majority stake in the Core vehicle.

Sameer Sain, Co-Founder and CEO of the Everstone Group (co-founder of IndoSpace), said, “IndoSpace is excited to partner with GLP, the global leader in the logistics space. GLP’s expertise, scale, technology and global relationships will give us a massive advantage and enable us to deliver significant value to our customers and investors.”

Ming Mei, Co-Founder and CEO of GLP, said, “This partnership is highly strategic and mutually beneficial. IndoSpace is an experienced partner which shares similar values and culture as GLP. It provides us with immediate scale to capitalize on the early growth stages of India’s rapidly modernizing logistics landscape and further expand our logistics ecosystem.”

About IndoSpace
IndoSpace (www.indospace.in) is the pioneer and largest provider of modern industrial and logistics real estate in India and currently has 30 industrial and logistics parks across India. It is promoted by the Everstone Group (www.everstonecapital.com) and Realterm (www.Realterm.com). The Everstone Group is a premier India and South East Asia focused private equity and real estate firm. Realterm is a multi- strategy private equity real estate operator in North America.

About GLP
GLP (www.glprop.com) is the leading global provider of modern logistics facilities and technology-led solutions, with over US$50 billion in assets under management across its real estate and private equity segments. The Company’s real estate fund platform is one of the largest in the world, spanning approximately 700 million square feet.

For more information:

IndoSpace

Karan Anand
Corporate Communications
Tel: +91 98333 72732
kanand@everstonecapital.com

GLP

Ambika Goel, CFA
SVP – Capital Markets
Tel: +65 6643 6372
agoel@glprop.com

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Modern Food Enterprises Relaunches Iconic Brand with Enhanced Portfolio of Health-Focused Products

Mumbai, June 23, 2017 : Modern Food Enterprises Pvt. Ltd. (MFEL) has announced a comprehensive relaunch of its iconic Modern brand, with new brand positioning; new brand identity; fresh, vibrant and contemporary packaging; and an enhanced portfolio of superior and healthier products.

The new Modern brand has been carefully crafted to strengthen its appeal to multiple consumer segments, at every life stage, for every meal occasion, through a range of products that are smarter choices for consumers seeking healthier, nutritious and tastier options.

The revamped new logo refreshes the iconic Modern wordmark, making it more vibrant and energetic, lending a sense of positivity, smartness, versatility and imagination to the re-launched brand. The packaging builds on the iconic elements of the Modern brand—the signature checkered patterns and stripes—and transforms them into a vibrant new look that manifests Modern’s new philosophy of ‘Thrive, and savour life to the fullest.’

In the Mumbai-Thane region, Modern currently has an estimated overall 15% market share, which the company is looking to increase to over 20% during the course of the next two quarters.

Modern Food sees significant potential in the health and wellness breads category. The Mumbai-Thane region is one of the two most evolved markets in India, along with Delhi. Within Mumbai, the Health & Wellness sub-category accounts for 25% of the overall bread sales. As a leading industry player, Modern will spearhead the development of this segment in the Mumbai-Thane region and across India, making more healthy, nutritious and tasty choices available to consumers.

Aseem Soni, Chief Executive Officer & Board Member, Modern Food, said, “In the Mumbai-Thane market alone, we are looking at 25% overall growth and this will be driven by a 30% growth in the health and wellness range alone.
“We have made a conscious decision to focus on the health and wellness segment during the relaunch phase. The team at Modern Food has worked hard on creating an advanced portfolio of superior products, keeping in mind the evolving taste of consumers and their changing lifestyles that demand healthy, nutritious and tasty food choices. In terms of overall business perspective, we are looking at a 25% increase in revenue by FY18, and at a goal to grow revenue four-fold by FY2021 to Rs 1,000 crore.”

In this context, we plan to strengthen our presence in the states where we are already present, especially Maharashtra, Kerala, Tamil Nadu, Telangana, Karnataka and West Bengal; and expand our presence in white spaces in the North and West. In Mumbai-Thane region specifically, we are planning to widen our reach by significantly increasing distribution.” added Soni.
Speaking further, Soni said that though Modern is well known in Maharashtra as a bread and bakery brand, he expected the brand’s distribution to go up by over 50% within Mumbai.

Modern, named the Most Trusted Bread Brand in India last year, has a legacy of over five decades in the country and is the pioneer of the organized bread sector in India.

Everstone Group, a leading Southeast Asia and India focused private equity investor with approximately US $4 billion assets under management acquired Modern Food from Hindustan Unilever Ltd. on 1st April, 2016, and Modern’s relaunch has been crafted with intensive efforts over the last 12 months, with significant investments in manufacturing, as well as R&D at Modern’s new innovation hub in Chennai, coupled with thorough efforts on consumer insights, strategy and design.

The new portfolio features products such as Milk Plus bread enriched with calcium; Hi-Fibre Brown bread reinforced with premium wheat fibre; 100% whole-wheat bread; and new innovations such as Multigrain Superseed Bread which not only has superseed sprinkles on top but even the flour is made of seven grains and contains Omega 3. All these products will be now available in Mumbai-Thane, giving the state’s consumers a greater variety of tasty and healthier eating and snacking options for every meal and snack occasion.

With the backing of Everstone Group, the 25% overall revenue growth in Modern in the current fiscal year will be significantly driven by volume growth of more than 20% in the health and wellness segment.

Rajev Shukla, Managing Director, Everstone Capital Advisors, Mumbai, and a Director on the Board of Modern Food, said, “At Everstone Capital, we believe in strong partnerships and building great brands. Modern is an iconic brand, the first brand to launch packaged bread in Mumbai in 1968 and was the first to launch the iconic fruity bread in 1968 and the first ever brown bread. It has been a pleasure for me to work with the Modern Team in crafting the renovated mix. We have received an excellent response in the last few weeks since our relaunch in southern India and Kolkata. Consumers love the renewed Modern, reflecting in bread volume uplifts of more than 5% in the aggregate (vs. incoming sales rate) across markets where the relaunch has been rolled out.

Our health and wellness segment is also expanding steadily. In the last 45 days,since the launch of our new bouquet of products, the health and wellness range is growing at double the normal value growth for the overall portfolio. We are confident of accelerating this success in a crucial region like Mumbai-Thane,” Shukla added.

Everstone will continue to make key investments in Modern to expand its market and build the brand, improve quality, innovate and expand the range, as well as enter new markets and categories.

About Modern Food Enterprises Pvt. Ltd
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 Food’s bread and bakery products are manufactured and marketed nationally through a network of over 40 manufacturing plants and around 80,000 outlets. In its new avatar, Modern wants its customers to ‘Thrive, and savour life to the fullest’ by helping them make smarter choices from its expanded range of healthy, nutritious and tasty bread and bakery products.

Visit www.modernfoods.co.in for more information.

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 approximately US $4 billion. Everstone has around 200 people working across six offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius and London. 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 ‘Mid-Market Firm of the Year in Asia’ for 2016, as well as ‘Private Equity Firm of the Year in India’ by Private Equity International for six consecutive years from 2011 to 2016.

For more information, visit www.everstonecapital.com

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Everstone named ‘Mid-Market Firm of the Year in Asia’ and ‘Firm of the Year in India’ by Private Equity International

Mumbai, March 2, 2017 – The prestigious ‘Private Equity International’ (PEI) magazine has named Everstone Group ‘Mid-Market Firm of the Year in Asia’ for 2016, the first India-focused fund to receive such an honour. It was also named ‘Firm of the Year in India’ for an unprecedented sixth year running.

The PEI Awards are the largest, most respected awards in the global private equity industry. With multiple categories for selection, voters have the chance to vote for the categories across the Americas, EMEA (Europe, the Middle East and Africa) and Asia-Pacific.

The awards come on the back of Everstone significantly stepping up investment in India and Southeast Asia and expanding its international presence to the US through the acquisition of CRM firm C3/CustomerContactChannels, as well as by the opening of an investor relations and business development office in London.

“In the eyes of the private equity industry, there is a clear champion when it comes to investing in India. Singapore-based Everstone Group, which has won this category every year since 2011, has claimed the top spot again,” said PEI in its Annual Review 2016.

The awards follow a rigorous nomination and global voting process that involves investors, peers and other PEI subscribers from the private equity industry.

Sameer Sain, Co-Founder and Managing Partner of the Everstone Group, said: “We are extremely proud to be selected as the best mid-market firm in Asia, as well as the firm of the year in India for the sixth time in a row. The PEI awards recognise our belief in partnerships and their power. This recognition would not have been possible without the amazing work of our employees, as well as the strong and collaborative relationships we have with our investors and portfolio companies.”

Everstone had an eventful 2016 with several control deals across multiple sectors including ITeS, with C3’s acquisition in October. In the healthcare and wellness sector, it acquired in March a majority stake in Ascent Health, a leading pharma delivery services company in India. It also acquired a majority stake in Rubicon Research, an India-based pioneering drug delivery technology company, in October. In the food sector, in April, Everstone completed the buyout of iconic Indian consumer brand Modern Foods. It also successfully exited several positions in Funds 1 and 2, and continued to return capital to LPs.

Continuing its increased investment in India, Everstone invested $35 million in January this year for a significant minority stake in OmniActive Health Technologies, which supplies ingredients to the fastgrowing nutraceuticals sector.

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. Everstone has around 200 people working across six offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius and London. 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 ‘Mid-Market Firm of the Year in Asia’ for 2016, as well as ‘Private Equity Firm of the Year in India’ by Private Equity International for six consecutive years from 2011 to 2016.

For more information, visit www.everstonecapital.com

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Leading global CRM solutions provider C3 aims to more than double its revenue in next five years

Manila, Thursday, January 19, 2017 – Leading CRM solutions provider C3/CustomerContactChannels will strengthen its operations in the Philippines and globally, fueled by its recent acquisition by private equity investor Everstone Capital and co-investor Sunrise BPO.

C3 says its global revenues are likely to double by 2022 as it expands into new geographies and enters new services lines such as Back Office Processing. It also plans on providing next-gen CRM solutions using Business Intelligence and Artificial Intelligence.

As part of its global growth agenda, the company plans to significantly increase its headcount in the Philippines from 2,800 to around 5,600 in next two years.

Sudhir Agarwal, Global CEO of C3 and founder of Sunrise BPO said: “In the Philippines, we are enjoying a revenue CAGR of over 50% while globally, we have witnessed growth of more than 60% over the past six years. The Philippines is crucial for us, not just in the region but for our global operations as well.

As part of our aggressive growth agenda, C3 is looking to increase its worldwide employee count from 8,500 to over 18,000 in the next five years,” Agarwal added.

Everstone Capital and Sunrise BPO completed the acquisition of C3 from US-based Stone Point Capital in December last year and formed Everise Holdings, based out of Singapore. Everise Holdings controls 100% stake in C3 and Agarwal was named as the Global CEO of C3. On the back of this acquisition, C3 plans to expand to other geographies with the support of Everise.

“We plan to expand operations to eight countries from three currently,” Agarwal said.

Speaking on the acquisition, Atul Kapur, Co-Founder & Managing Partner of Everstone Capital, said: “Everstone is thrilled to support C3 in its goal to become a global CRM powerhouse. C3 has shown robust growth and Everise is ready to grow it organically as well as inorganically in the coming years—both in the Philippines and in other geographies.”

C3 is looking at the possibility of acquisitions in the Philippines and in other markets to support C3’s expansion into new markets and services lines, and Everise will work with its leadership on assessing such opportunities as they arise,” added Kapur.

Speaking on the economic environment in the Philippines Agarwal said, “We are excited to be in the Philippines, which is a key hub for the global BPO industry. We are looking forward to the robust growth of the CRM/BPO industry in this country, which is witnessing impressive economic growth.”

We believe C3 is ideally positioned to capitalize on the global appetite for high-performing customer experience organizations,” Agarwal added.

Kapur, who is the managing partner for the $3.3 billion asset under management Everstone Group, also underscored that the conditions in the Philippines were very conducive for C3’s expansion plans. “Philippines has a stable business environment, impressive human capital, an English speaking workforce, and strong economic growth,” he added.

Beyond the Philippines, C3 also has operating centers in the United States and Guatemala. Its services include sales, service, performance optimization, reputation management and complete customer lifecycle management via traditional, web, and emerging communication channels.

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 provides multi-lingual support to clients and has seven operating centers across the U.S., the Philippines and Guatemala, with approximately 8,500 employees. C3’s US headquarters is in Plantation, Florida. Visit www.c3connect.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 US $3.3 billion. Everstone has over 200 people working across six offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius and London. 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 from 2011 to 2015.
For more information, visit www.everstonecapital.com

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Everstone Group acquires stake in OmniActive Health Technologies Ltd

Mumbai, January 02, 2017 – The Everstone Group has invested US$ 35 million in Mumbai-based OmniActive Health Technologies Ltd (OmniActive) to further accelerate its growth in the fast-expanding nutraceuticals space. The deal is Everstone’s third in the healthcare and wellness sector in less than a year.

OmniActive is a leading supplier of naturally sourced ingredients for eye health, weight management and heart health to global nutraceutical companies that provide food supplements and nutritional fortification. OmniActive has a research-driven approach, state-of-the-art manufacturing facilities, well-equipped R&D centres across India and Canada, and sales and marketing presence across the US, Europe and Asia.

In the last 18 months, innovation-driven OmniActive completed 12 human clinical trials in healthy populations across its portfolio of branded ingredients. The company has a strong presence in the US and is working to achieve similar success in Europe and Asia. The Everstone investment — which gives it a significant minority stake — will help OmniActive diversify and expand its offerings. OmniActive will use the proceeds from this deal in its inorganic growth strategy and execute the acquisition opportunities it has identified.

Sameer Sain, Co-Founder and Managing Partner, Everstone Group, said: “This investment will help OmniActive scale its already strong presence in the fast-growing nutraceutical space. We are excited about partnering with the Mariwala family and building a world-class global business.” OmniActive was founded in 2005 and has, over the last decade, emerged as the leading nutraceutical ingredient supplier to international markets from India, helped by the gradual shift in the sector towards consumption of natural products.

Sanjaya Mariwala, Managing Director, OmniActive Health Technologies Ltd. said: “We welcome this partnership with the Everstone Group. With the support of its experienced teams and funding, OmniActive looks forward to building on our history of solid organic growth by further strengthening our presence globally using innovative products and technologies.

This will be done by also growing inorganically to bring a wider product portfolio of responsibly made ingredients to our customers through our strategic acquisitions,” Mariwala added.

The global nutraceuticals supplements market was estimated at US $108 billion in 2014 and is expected to touch US $168 billion by 2020. The US is the largest market, accounting for slightly more than one-third of global sales. In India, according to a study published by ASSOCHAM, the nutraceuticals industry is expected to reach US $6.1 billion by 2020. The growth in India will be fuelled by rising awareness about lifestyle diseases and the need for healthier lifestyles; the spread of urbanisation; an increasing middle-class population with a higher disposable income; and the rising demand for supplementary nutrition for a healthier life.

Avendus Capital was advising OmniActive on this deal as the investment banker.

The OmniActive investment will be Everstone’s fifth from its third PE fund (Everstone Capital Partners III) that closed in September 2015, and the third in the pharmaceutical and wellness sector. It acquired a majority stake in Rubicon Research, a pioneering drug delivery technology company, in October 2016, which was preceded by Everstone taking a majority stake in Ascent Health, an Indian pharmaceutical delivery services provider, in March 2016.

Everstone will be represented by Deep Mishra, Managing Director, who will join OmniActive’s board as a nominee director, along with Dr Leendert Staal, an internationally reputed nutraceutical expert who was the CEO of the global industry leader DSM Nutritional Products from 2008 to 2013.

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 US $3.3 billion. Everstone has over 200 people working across six offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius and London. 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 from 2011 to 2015.
For more information, visit www.everstonecapital.com

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About OmniActive Health Technologies Ltd.
OmniActive Health Technologies (www.omniactives.com) offers a range of quality ingredients, that are innovative and scientifically validated to address complex challenges for customers in the dietary supplement, food and beverage space using technology-driven, sustainable solutions with application support within a global regulatory framework. OmniActive’s core products include carotenoids, plant extracts and specialty functional ingredients. The company develops IP-protected, science-backed branded ingredients from natural sources using cutting edge technologies. OmniActive leverages international R&D strengths to deploy an array of state of the art manufacturing technologies in extraction, purification, isolation and delivery of nutritional actives. Clinical research–geared towards demonstrating efficacy and claim substantiation–is the cornerstone of OmniActive’s R&D activities. The company’s centers of excellence are located in North America and India, whereas its cGMP and HACCP system-compliant manufacturing operations are located at multiple FDA inspected sites in India. Whether looking for a new ingredient to add to a finished product, or technology to enhance an existing ingredient, OmniActive delivers unmatched innovation.
For more information, visit http://omniactives.com/

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Everstone Group partner P M Devaiah enters General Counsel Legal Powerlist

Mumbai, December 07, 2016 – P M Devaiah, Partner and General Counsel, Everstone Group, has been selected to The Legal 500 GC Powerlist for India, the only person from a private equity firm to make the prestigious honour roll of legal experts, Everstone announced today.

The Legal 500 GC Powerlist for India 2016 is the inaugural one for the country and recognises corporate General Counsels for their outstanding work. The GC Powerlist series from The Legal 500 (based in London) highlights the most influential in-house lawyers in business. The series has covered regions and countries including the UK, the US, France, Italy, Switzerland, Germany, the Middle East, and the Nordics.

Devaiah has more than 25 years of corporate and legal experience, having worked at some of India’s largest and most successful companies, including Tata Projects, Hindustan Unilever, BPL Group, Carlyle Group, and ICICI Venture.

He joined the Everstone Group in 2007, and several key features of his tenure include transforming its legal department into an ‘in-house law firm’, training his team to be ‘completely business like’, and positioning the unit to become a strategic and integral part of the company to deliver high-quality services, as well as add-value to business teams. Devaiah holds a Bachelor of Commerce degree and a Master of Law degree from the University of Mysore.

Congratulating Devaiah on this achievement, Sameer Sain, Co-Founder & Managing Partner of the Everstone Group, said: “We are extremely proud of Devaiah for not only being selected to this prestigious list but also for being the sole representative from the private equity sector.

This honour rightly recognizes the great work he has done in helping make the Everstone Group a successful organization with the highest standards of corporate governance and ethics,” Sain added.

For his part, Devaiah said: “It’s an honour to be included in The Legal 500 GC Powerlist. The role of General Counsel has changed significantly in recent years. General Counsels are no longer limited to a reactive role but instead are key members of the corporate decision-making team, as is the case in Everstone.”

The Legal 500 finds the “best of the best” by canvassing opinions from law firm partners and in-house counsel across India, to identify corporate counsel that have been instrumental in changing or forming opinions within their company or industry.

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. Everstone has around 200 people working in six offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius and London. 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 from 2011 to 2015.

For more information, visit www.everstonecapital.com

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Everstone acquires majority stake in Rubicon Research

Mumbai, October 24, 2016– The Everstone Group has bought a 70% stake in Mumbai-based Rubicon Research Pvt. Ltd., a pioneering drug delivery technology company in India, for a total outlay of Rs 220 crore (US$ 33 million).

Along with a US$ 20 million investment directly into the business, the deal includes acquiring stakes from Kotak Private Equity and a private investor.

Rubicon is a world-class outsourcing partner to the global pharmaceutical industry and its proprietary technologies provide solutions for bioavailability enhancement, gastric retention, taste masking, and customising the release profiles of drugs. Rubicon also offers lifecycle management services for pharmaceutical products.

Rubicon also has a US FDA-approved manufacturing plant at Ambernath in Maharashtra, with a capacity of 800 million tablets and it has refocused its business on creating its own Abbreviated New Drug Applications (ANDAs)/New Drug Applications (NDAs) for the global market.

“Rubicon has an excellent record of providing cutting-edge solutions to the healthcare and pharmaceutical industry,” said Sameer Sain, Co-Founder and Managing Partner of the Everstone Group. “We are excited about enhancing its capabilities,” Sameer added.

Rubicon Founder and CEO Dr. Pratibha Pilgaonkar said: “We welcome this partnership with Everstone and believe, with their deep managerial and operational expertise, capital infusion, and global connectivity, we will be able to significantly accelerate our growth.”

This investment will be fourth investment from Everstone’s latest PE fund (Everstone Capital Partners III) and was led by Deep Mishra, an Everstone MD who focuses on consumer and pharmaceutical investments for the Group. Deep will be joining the board of directors of Rubicon.

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—Singapore, 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 Rubicon
Rubicon Research is a pioneer Drug Delivery Technology company in India and is recognized as a world class outsourcing partner in pharmaceutical industry. Rubicon’s proprietary technologies provide solutions for bioavailability enhancement, gastric retention, taste masking, and customising the release profiles. Rubicon has a US FDA-approved manufacturing plant and is bringing complex generics into the regulated markets of US and Europe.

For more information, visit http://www.rubicon.co.in/

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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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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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