Greater Pacific Capital buys $100m stake in utility consulting firm Enzen

Power grids. Photo: Fré Sonneveld/unsplash

India-and China-focused private equity firm Greater Pacific Capital (GPC) has bought a $100-million stake in Enzen Global Solutions Pvt Ltd, a consulting and engineering company set up by former Wipro executives, per a statement.

This marks the first investment of the UK-headquartered PE firm from its second India-focused fund, which was launched in August last year. GPC is targeting to raise $700 million for the fund. It reportedly achieved the first close at $300 million last year.

Though the exact quantum of stake bought by GPC in Enzen was not disclosed, The Economic Times reported it to be 15-20%.

As part of the transaction, Greater Pacific partner Akshaya Prasad has joined Enzen’s board.

Enzen will use the investment proceeds to expand its services and also its geographical presence. “Greater Pacific’s partnership model and international networks will add tremendous value to Enzen,” Enzen chairman Satheesh Kumar said.

Bengaluru-based Enzen provides consulting, technology, engineering and innovation services to the energy and water industries. It has a presence in 26 countries and derives a bulk of its revenues from the international markets.

“The investment in Enzen is in line with our strategy focused on partnering with scaled and fast growing Indian businesses that operate in or are looking to expand into international markets,” said Ketan Patel, CEO, GPC.

GPC was set up in 2005 by Patel and Joe Sealy, both former executives of Goldman Sachs’ investment banking division. The firm’s first fund, which raised about $400-450 million, had invested in several companies, including in Edelweiss Financial Services Ltd and Torrent Pharma Ltd.

Pioneer Investcorp was the exclusive financial adviser on the transaction.