Actis, Sequoia Plan Stake Sale In Paras Pharma For $700 Mn

Private equity firms Actis Capital and Sequoia Capital are planning to sell a controlling stake in FMCG company Paras Pharmaceuticals Limited for $700 million.

The private equity firms decided to sell their shares after receiving interest from drugmakers including GlaxoSmithKline, Sanofi-Aventis and Abbott Laboratories.

Actis, a private equity firm that invests in emerging markets, holds about 62% in Paras and Sequoia holds about 8%, while Paras Chairman Girish Patel and employees own the remaining stake.

Transaction Reference: BS

Paras Pharma was founded and managed by the Ahmedabad-based Patel family. Paras Pharma sells over-the-counter personal healthcare products including pain relieving creams, talcum powder and cold medications. It has successful brands in the over-the-counter (OTC) and personal care categories like Moov, Set Wet, ItchGuard, Krack, Livon, DermiCool, Recova, D'Cold, and RingGuard.

All its manufacturing takes place at Baddi because it is an excise free zone, while its other plant at Kalol near Ahmedabad has been lying idle for sometime now for unkniown reasons.

Sequoia Capital India has invested $12 million in Paras Pharma in October 2006.

Actis, which has $4.8 billion in assets under management, began buying stakes in Paras in 2006, and currently has an investment of about $145 million in the company. Actis initially bought 23% in Paras in 2006 for $43 million from a handful of investors including the second Patel brother Darshan. It then bought the remaining stake in 2008 follows a deal with Devendra Patel.

The recent rise in stake follows a deal with Devendra Patel, the youngest brother.

Actis also has a stake in Sterling Addlife, a Paras group company that manages Sterling Hospital in Ahmedabad.

Historically Actis takes a medium-term position in growing companies. Actis is planning to buy the general lighting business unit of Halonix Limited. Earlier, it had acquired 66% in Halonix in 2007 through Actis India Fund.

Some of the stake sales this year by Sequoia Capital includes - 15% in Dr Lal Pathlabs to Private equity firm TA Associates and 11.65% stake in Manappuram General Finance and Leasing.

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