The shares were acquired by Quadria Capital, which also bought out additional stake from another investor CLSA Capital, investing almost Rs500 crore in the transaction.
Nobel is the dominant market leader in adult diapers with its brand Friends, and the largest Indian player in baby diapers after the MNCs with its brands, Teddyy and Snuggy, the company said in a statement.
Access India Fund and its co-investors exited its total stake in Nobel Hygiene generating a near 8 times return, the PE firm said. Access invested Rs 37 crs in Nobel in 2013 for a 29% stake. It made a partial exit in 2015 when it sold 10.3% stake to CLSA.
Sangeeta Modi, Managing Partner, Access Asset Managers, said “We partnered with Nobel in early 2013 when the company was about Rs 112 crs in revenue and already had a dominant market leadership in adult diapers.”
Veda Corporate Advisors acted as exclusive bankers to the transaction and Mulla & Mulla were the legal advisors to Access India Fund.