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Private equity firm Creador, which focuses on South and South-East Asia, has fully exited its more than three-year-old investment in Somany Ceramics.
The PE firm clocked an investment multiple of 5.3 times and an internal rate of return (IRR) of 77 per cent in rupee terms on the investment. In dollar terms, the firm recorded a multiple of five times and an IRR of 74 per cent, it said on Thursday.
The firm, through its second fund Creador II, had picked up a 13.6 per cent stake in Somany in early 2014 for about ₹62 crore. It sold its stake for a total of ₹326 crore.
Creador II had part divested its holding in October 2015 at 2.9x ROI to realise some returns for its investors. With the current tranche of 10.3 per cent stake sold to marquee domestic institutional investors, Creador has completed its exit. The sale was completed in April for ₹326 crore.
Somany, which is listed on Bombay Stock Exchange and National Stock Exchange of India, is the second largest tile player in India.
The company manufactures ceramic, polished vitrified tiles (PVT) and glazed vitrified tiles (GVT) through own, JV and outsourced plants. Somany retails through 10,000 touch points including 200 exclusive showrooms.
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