Navis to acquire majority stake in Indian lubricants maker

The private equity firm will aquire 62% of Sah Petroleums in three stages, in its first investment in a listed Indian company.

Asia-focused buyout fund Navis Capital Partners is acquiring a 62 percent stake in Mumbai-based Sah Petroleums in three phases.

20 percent will be bought through an open offer. 27.3 percent will be bought via preferential allotment of shares and the remaining, through acquiring promoters’ stake.

Sah Petroleums was established in 1973 and listed on the Bombay stock exchange in 2004. It manufactures a range of automotive and industrial lubricants, as well as process, transformers and white oils.

Navis looks to improve Sah Petroleums’ processing systems, bring more people into its organizational chart, develop the company’s automotive crude line and inject capital for its long-term growth, Bruno Seghin, director of Navis told PEO.

In September, Navis made an offer for Beyond International, an Australia-listed television production company. The deal was estimated to be worth A$74.6 million ($48.9 million; €38.2 million).

The company’s board has agreed to Navis’ A$1.22 cash per share offer and the proposed takeover will be subject to approval by BYI shareholders at a meeting expected to be held in November, according to an
exchange filing.

Founded in 1998 by former Boston Consulting Group partners, Navis Capital is based in Kuala Lumpur and has offices across the region. The firm on mid market companies particularly in South and Southeast Asia, requiring equity investments of between $15 million to $50 million.