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CVCI picks up Apollo stake in outsourcing company SourceHOV

22 Mar 2013

contract-5_sqCiti Venture Capital International has bought Apollo Global Management’s stake in outsourcing business SourceHOV.

Apollo formed the business in 2011 by merging portfolio company Sourcecorp with India-based HOV Services, which was backed by California’s HandsOn Ventures.

HandsOn will continue to hold an equity stake in the business according to SourceHOV. Financial details of the transaction were not disclosed.

A statement from SourceHOV said, “This exciting new HandsOn and CVCI Private Equity partnership positions the company for accelerated growth through industry leading advisory formed by a tenured investment team with specialized technology and service industry experience.

“HandsOn has never been more confident in the company’s growth prospects and is excited to continue driving the company towards expansion of technology-enabled services with CVCI Private Equity as a strategic partner.”

CVCI Private Equity currently manages more than $7bn of equity investments and committed capital, and offices in New York, Singapore, Mumbai, New Delhi, Hong Kong, London and Santiago.

Last month it emerged financial services group Shriram had shortlisted CVCI and Blackstone as  potential financial partners to run its cement business Sree Jayajothi.

Both firms asked to run the plant and the business, which is currently 70 per cent owned by Shriram, and its 3.2 mtpa plant according to Shiram chairman R Thyagarajan, who spoke to the Times of India.

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