Business Services
ICICI Venture – divested its equity stake in Updater Services
About
ICICI Venture
ICICI Venture is a specialist alternative assets manager based in India. The firm is a wholly owned subsidiary of ICICI Bank (www.icicibank.com), the largest private sector financial services group in India. ICICI Venture has been at the forefront of driving entrepreneurship in India for over two decades, and till date, various funds managed by the firm have invested in over 500 companies.
The firm has played a key role in establishing the foundation for several new age businesses in India, by providing growth capital funding to companies in sectors as diverse as Information Technology, Life Sciences and Healthcare, Media & Entertainment, Banking & Financial Services, Infrastructure, Retail, Aviation, Auto Components, Construction services, Real Estate, Biotechnology, Textiles, Fine Chemicals, Consumer Products, Logistics, etc.
UDS
Incorporated in 1985 and headquartered in Chennai, UDS is one of the leading integrated facilities management services companies in India providing integrated facility management (soft services as well as hard services), production support services & staffing solutions, business support services, catering and beverage services, and third party vendor management.
With an employee base of over 40,000, UDS manages more than 125 mn sq ft of floor space and caters to a clientele list that includes more than 750 well-known names in their respective verticals. The company has a pan-India presence and leverages a strong branch network to provide service offerings to diverse industries including – Airports, Highways, IT/ITES and Business parks, Manufacturing, BFSI, Warehousing and Retail, FMCG, Residential, Hospitality, Healthcare etc.
Background
We are pleased to announce that our client ICICI Venture Funds Management Company Limited (“ICICI Venture”) has divested its equity stake in Updater Services Private Limited (“UDS”) to an SPV owned by the promoters of UDS. ICICI Venture had acquired a significant minority interest in UDS in 2008 and this transaction provides a complete exit to ICICI Venture.
Veda Corporate Advisors was the financial advisor to ICICI Venture in this transaction. VedaCorp ran a competitive bid process in which multiple offers were received and provided comprehensive transaction advisory services covering strategic positioning, price discovery, evaluation of bids, transaction structuring, and negotiation and finalization of definitive agreements. As part of this engagement, VedaCorp also advised the SPV in structuring a long-term and flexible debt option to enable a quick and successful closure of the transaction.
This is VedaCorp’s third consecutive Private Equity transaction involving UDS, VedaCorp was the advisor in both its previous transactions in 2006 and 2008.