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Serial entrepreneur Arumugham Mahendran buys ISS Hicare

by Admin
0 comment

Former Godrej Consumer Products MD and serial entrepreneur Arumugham Mahendran is buying out ISS Hicare. Private equity firm India Value Fund, managing assets worth over $1 billion, will invest Rs150 crore to back buyout of ISS Hicare from its Denmark-based parent. Mahendran built Godrej Hicare, which was later acquired by ISS Group. The impending deal will see Mahendran buying back the business along with a PE fund.

India Value Fund will be picking up about 90% stake in the asset and Mahendran, who will hold the rest, will have a “claw-back option”, or right to buyback shares depending on the performance milestones of the company.

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The PE firm and Mahendran will roughly pay 120 crore for the acquisition, while 30 crore will be infused to adequately capitalize the company’s growth plans. Two months after he stepped down as the managing director of GCPL mid last year, Mahendran has been creating two new ventures – food and beverage (F&B) and pesticide services. The insecticide services market is 1,500 crore, while pest products market is estimated at 4,500 crore. Globally, pest control services market is $12 billion and the products business is $6 billion.

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