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Mergers & Acquisitions | 21 November 2016

UTI Ventures Divests its Shares in Ascent Capital

by Ritika Singh
UTI Ventures Divests its Shares in Ascent Capital
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UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.

With this sale of shares, Ascent Capital now owns 100 percent of the firm. It is believed that these two PE firms were in discussions for several years when Raja Kumar and other senior management of Ascent established the firm as a spin-out from UTI Ventures.

While UTI Asset Management has acknowledged that it has sold its stake in Ascent Capital, it did not reveal the terms of the sale or details about the transaction.

Ascent Capital Advisors was established in 2009 by the management team of UTI Ventures. On the other hand, UTI Ventures was formed in 2001 and rechristened Ascent Capital in 2009.

Since its inception, Ascent Capital has invested in 58 businesses in a range of sectors, including e-commerce, technology, financial services, infrastructure, and consumer brands. Currently, it has assets worth $600 billion. A few of the major investments that Ascent Capital has made include Big Basket, India’s largest online grocery retail site; Newgen Software Technology, a leading provider of business BPM, ECM, CCM, Case Management, DMS, Workflow and Process Automation Software; Skanray, a medical devices manufacturer; RBL Bank Ltd, the retail banking group; and KIMS, a multi-specialty hospital.

By becoming an independent private equity firm, Ascent Capital will be able to attract more limited partners, who tend to favor such firms due to their independent decision-making abilities that help investors reap bigger profits.

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