Reliance PE Invests Rs105Cr In Max Flex For A 29% Stake
Reliance Equity Advisors have invested Rs105Cr for a 29% stake in Max Flex & Imaging Systems Limited. The PE investment came after the Mumbai based digital and offset printing materials manufacturer shelved plans for a Rs120Cr IPO.
Max Flex had filed DRHP with SEBI for raising Rs120Cr by diluting 29.77% stake in the company. The funds were to be used for setting up a flex manufacturing unit, ink manufacturing plant, a manufacturing plant for PVC Rigid sheets, coating and lamination facility, setting up a showroom annd working capital requirements.
Incorporated in 1968, Max Flex is owned by Hitesh Jobalia & family. The company is engaged in trading of consumables required in the printing industry and offers over 9,300 variations such as solvent ink, photo paper, flex boards, printing inks, plates etc.
Max Flex Operating Performance
The company has two subsidiaries, Amprochem Private Limited engaged in chemical manufacturing and Max Apollo Flex Digital Ltd formed in 2011 for manufacturing of flex.
Max Flex has a pan-India presence and markets its products across 19 states in India. The sales and distribution network comprises 18 owned branches, C&F agents at four locations and 17 warehouses.
This is Reliance Equity Advisors third PE investment. Earlier in March, it invested Rs120Cr in Shankara Pipes India Ltd. Last year, it invested $22 Mn in Sarla Holdings Private Limited, owner of 'Pathway World School' brand, a chain of international schools in India accredited to Cambridge International Examinations UK, and International Baccalaureate, Geneva (IB).
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 12/10/11 | Max Flex & Imaging Systems - Reliance PE | Private Equity | Reliance Equity Advisors | 21.37 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 16/05/12 | Private Equity | ICICI Venture Limited | Maja HealthCare | - | Planned |
| 10/05/12 | M&A | BellWether Capital Private Limited | Butterfly Gandhimathi Appliances Limited | 3.17 | Completed |
| 19/04/12 | M&A | Symphony Limited | Unknown Asset | - | Planned |
| 09/04/12 | M&A | Somany Ceramics Limited | Commander Vitrified Private Limited | 0.63 | Announced |
Fund |
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| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Reliance Equity Advisors | Infrastructure Real Estate |
www.reliancepe.com | Ramesh VenkatSnehal ShahRahul ManekR S PrakashHari AgrawalAnand MundraManish ChhajedSiddhartha Mundra | |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Max Flex And Imaging Private Limited | Hitesh Jobalia | 102 Prime Plaza, J.V. Patel Compound Balasaheb Madhurkar Marg Elphinstone (West), |
www.maxflex.in | |
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