Carlyle Group (CG.O) has acquired a Significant minority stake in Faridabad, India’s DEE Piping Systems, Asia’s third largest economy by the U.S. private equity firm.
Equity for the transaction came from First Carlyle Ventures III, and from secondary investors, according to a statement by the U.S. company on Monday.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
DEE makes high-pressure piping systems for the power and oil and gas industries.
According to Reuters, Carlyle did not disclose the amount of the stake it bought, but a source familiar with the deal said the firm paid $50 million-$55 million.
Carlyle had invested $1.3 billion of equity in more than 30 transactions in India as of June.
Shankar Narayanan, Managing Director and Co-Head of the Carlyle Asia growth capital team, said: “DEE Piping has built an extremely successful business with strong capabilities across multiple dimensions – deep relationships with its marquee customers, state-of-the-art infrastructure, comprehensive product and service offering, a pool of skilled workforce, and a consistent track record of timely delivery of quality products. We are excited to partner with DEE Piping and will leverage Carlyle’s global resources and deep industry expertise to support the growth and expansion of the Company.”
The Carlyle Group has invested $1.3 billion of equity in more than 30 transactions in India as of June 30, 2015.
