Carlyle exits India’s Tirumala Milk Products


cow beef milk dairyPrivate equity firm Carlyle has exited its investment in Indian dairy business Tirumala Milk Products, which was sold to French company Groupe Lactalis.

Tirumala, in which Carlyle held a 20 per cent interest, was sold for between $250m and $300m, said Reuters, citing sources with direct knowledge of the matter.

Carlyle invested in the company in 2010 via its Ventures III and Growth VII funds.

Carlyle India managing director Shankar Narayanan said, “Tirumala’s founders have built an extremely successful business with strong franchise value.Carlyle’s investment in Tirumala exemplifies its ability to partner with entrepreneurs to create value for all stakeholders.

“During Carlyle’s investment, the company’s revenues grew two and a half times and profits more than quadrupled.”

Carlyle’s recent deals in India include the acquisition of a minority stake in Indian hospital and healthcare provider Global Health.

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