Navis Capital Partners, a Malaysia-based mid-market buyout firm that invests in Asia, is considering the sale of Indian fast food chain Nirula’s, which it acquired in June 2006.
Nick Bloy, a co-managing partner at Navis, confirmed Navis has been approached by interested buyers, but would not disclose information on the buyers or expected price tag. While Navis would sell Nirula's if it receives a suitable offer, Bloy said the firm is not close to a deal just yet.
Navis wants to sell the fast food chain for about INR 300 crores (€48 million; $62 million), according to Indian media reports. The firm is believed to have acquired the business for about $20 million. Bloy declined to confirm the amount invested by the firm.
The firm has appointed NM Rothschild to advise on a potential sale, the Economic Times reported.
Established in 1998, Navis invested in Nirula’s from Navis Asia Fund IV, a $315 million vehicle. Navis focuses on investments in South and Southeast Asia, and has offices in Kuala Lumpur, Singapore, Mumbai, Delhi, Sydney, Hong Kong and Bangkok.