Asian Paints To Acquire Majority Stake In Sleek Group
Paint maker Asian Paints is set to acquire 51% stake in the Sleek Group.
The financial details of the same are unknown.
Sleek Group is into the business of manufacturing, selling and distributing kitchens, kitchen components including wire baskets, cabinets, appliances, accessories etc. with pan India presence.
It has a retail network of more than 30 showrooms including shop-in-shops and a network of over 250 dealers.
With growing consumer purchasing interests and a shift towards standardization of kitchen appliances, the kitchen appliances market in India has seen quite some deals in the space.
In 2011 French home appliances maker Groupe SEB had acquired 55% stake in Maharaja Whiteline, the North-Indian electric appliance maker.
The same year, Philips looked to strengthen its Indian presence by buying out Maya Appliances that sold its products under the Preethi brand.
A recent ET piece states the size of kitchen market in the country to be around R1,500 Cr.
Modular kitchen is said to be growing at 40% and is expected to grow ten-fold by 2020.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 2013-03-19 | Sleek Group - Asian Paints | M&A |
Asian Paints Limited |
- |
Company | ||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Asian Paints Limited |
Ashwin C Choksi Abhay Vakil Ashwin S Dani Ashwin Dani & Family |
6A, Shantinagar, Santacruz (E), |
Berger Paints India Limited UK Paints India Limited |
http://www.asianpaints.com |
| Sleek International | ||||
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