Aditya Birla Private Equity has picked up a minority stake in Creative Lifestyle, the flagship company of the Mumbai-based Creative Garments group, at a valuation of Rs 300 crore, as per a report in PTI.
Further details on the stake sale were, however, not disclosed.
Sunrise Fund is a domestic fund focused on providing growth capital to proven businesses and concepts that are in early stage of exponential growth across lifestyle, lifeskills and education, lifecare and applied technologies.
The consumption space to which Creative Lifestyle belongs is one of the four stated focus areas of the fund.
Commenting on the investment, D Muthukumaran, CEO of Aditya Birla Private Equity said, “In the last nine years, the Creative team has built up a strong presence in women’s branded apparel segment, which we believe has high potential for exponential growth in the coming years”.
Creative Lifestyle was founded in 2006 when Birendra Agarwal teamed up with industry veteran Rahul Mehta to foray into women’s branded apparel segment.
Birendra Agarwal, Chairman at Creative Lifestyle stated, “We believe our partnership with Aditya Birla Private Equity will help in taking the company to the next level on the back of an impressive growth we have already achieved since inception in 2006.”
Creative liestyle’s casual western wear brand 109F was launched in 2006 and at present has presence in over 366 retail outlets, including 35 exclusive brand outlets (EBOs) and 331 large format outlets (LFOs). On the other hand, its indo western brand Fusion Beats was launched in 2011-12, and currently sells across 10 EBOs and 200 LFOs, the report said.
Aditya Birla Private Equity is a part of Aditya Birla Capital Advisors Private Limited that offers investment management and advisory services. The firm currently manages more than Rs.1,180 crore through two funds – Aditya Birla Private Equity-Fund I and Aditya Birla Private Equity-Sunrise Fund.
In the past Aditya Birla Private Equity has invested in Bombay Stock Exchange, Credit Analysis & Research Ltd, Coffee Day Resorts Pvt. Ltd, City Union Bank Ltd, Indian Energy Exchange Ltd (IEX) and RBL Bank, among others.