True North Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, True North has invested in 2 companies.

True North’s most common sectors for investment arefinancial services (12%) and healthcare services (12%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and stake purchase (36%). In total, True North has invested in 4 US states and 3 different countries.

In the last 3 years, True North has exited 3 companies. The Firm’s most common exit type is trade sale (60%). True North’s largest (disclosed) exit occurred in 2019 when it sold Innovative B2B Logistics Solutions Pvt. for $50M.

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M&A Summary

  • M&A Total Activity64
    • M&A Buy Activity42
    • M&A Sell Activity22
  • Total Sectors Invested 21
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 23

True North Co.

True North Managers LLP

Suite F9C, Grand Hyatt Plaza Santacruz (East),
Mumbai, 400 055
India
91 22 6695 4888
www.truenorthco.in
proposals@truenorth.co.in

True North Co. is a private equity firm focused on making investments in growing middle-market companies operating in India. The Firm looks to invest a minimum of $50 million per transaction. Sectors of interest include consumer, healthcare, financial services, infrastructure services, and IT. True North does not invest in start-ups or early-stage companies. True North Co. was formed in 1999 and is headquartered in Mumbai.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Diversified, Education, Electronics, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Life Science, Machinery, Marketing, Media, Medical Products, Renewable Energy, Retail, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Secondary Buyout, Stake Purchase, Venture

Geographic Preferences: Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 50 100
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.6/yr) # 39 1 - 2 - - 42
Sell (0.8/yr) # 18 1 1 1 1 - 22
vol $65M $65M
  64

Most Recent M&A

Company Date Value Type
HiCare Services Pvt. Ltd. 2024-04-02 - Trade Sale
Mumbai, India · www.hicare.in
Fedbank Financial Services Ltd. 2023-11-30 - IPO
Mumbai, India · www.fedfina.com
AU Small Finance Bank Ltd. 2023-10-30 - Stake Purchase
Jaipur, India · www.aubank.in
iLink Digital, Inc. 2023-10-06 - Growth Capital
Bothell, Washington · www.ilink-digital.com
Actify Data Labs Pvt. Ltd. 2022-01-11 - Trade Sale
Bangalore, India · www.actifydatalabs.com
RDC Concrete (India) Pvt. Ltd. 2021-09-20 - Trade Sale
Thane, India · www.rdc.in
Anthem Biosciences Pvt. Ltd. 2021-03-01 - Stake Purchase
Bengaluru, India · www.anthembio.com
Accion Labs, Inc. 2020-03-26 - Growth Capital
Bridgeville, Pennsylvania · www.accionlabs.com
Biocon Biologics Ltd. 2020-01-06 - Stake Purchase
Bengaluru, India · www.bioconbiologics.com
BORN Group, Inc. 2019-11-27 - Trade Sale
New York, New York · www.borngroup.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 1 (8%) - 5 (12%) -
Healthcare Services 2 (15%) - 5 (12%) -
Life Science 3 (23%) - 5 (12%) -
Information Technology 2 (15%) - 4 (10%) -
Food 2 (15%) - 3 (7%) -
Media - - 3 (7%) -
Building Materials - - 2 (5%) -
Transportation - - 2 (5%) -
Automotive - - 1 (2%) -
Business Services 1 (8%) - 1 (2%) -
Communications - - 1 (2%) -
Consumer Products 1 (8%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Distribution 1 (8%) - 1 (2%) -
Electronics - - 1 (2%) -
Environmental - - 1 (2%) -
Insurance - - 1 (2%) -
Internet Software and Services - - 1 (2%) -
Machinery - - 1 (2%) -
Renewable Energy - - 1 (2%) -
Retail - - 1 (2%) -
Total 13 - 42 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
India 11 (85%) - 37 (88%) -
United States 2 (15%) - 4 (10%) -
  Washington 1 (8%) - 1 (2%) -
  Pennsylvania 1 (8%) - 1 (2%) -
  New York - - 1 (2%) -
  Florida - - 1 (2%) -
United Arab Emirates - - 1 (2%) -
Domestic 11 (85%) - 37 (88%) -
Cross-border 2 (15%) - 5 (12%) -
Total 13 - 42 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (31%) - 21 (50%) -
Stake Purchase 6 (46%) - 15 (36%) -
Growth Capital 2 (15%) - 2 (5%) -
Consolidation - - 1 (2%) -
Divestiture - - 1 (2%) -
Secondary Buyout - - 1 (2%) -
Venture 1 (8%) - 1 (2%) -
Total 13 - 42 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 7 (32%) 65M (100%)
IPO 6 (27%) -
Trade Sale 6 (27%) -
Secondary Sale 3 (14%) -
Total 22 $65M

Deal Values

sell # Total
< $100M 2 $65M
TOTAL $65M
Largest Innovative B2B Logistics Solutions Pvt. Ltd.
$50M (2019-03-28)

M&A Connections

Deals
Acquired from
Investor(s)
5%
2 (5%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
14%
3 (14%)
Strategic(s)
59%
13 (59%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

3.0B USD

Established

1999

Specialist/Generalist

Generalist

Leadership

Vishal Nevatia

Managing Partner

Kapil Singhal

Managing Partner, Private Credit

Anil Choudhary

Head ESG

Nitin Nayak

Managing Director

Paras Nayyar

Managing Director & CFO

FAQ

When was True North Co. founded?

True North Co. was founded in 1999.

What type of investor is True North Co.?

True North Co. is a private equity firm.

Where is True North Co. headquartered?

True North Co. is headquartered in Mumbai, India.

How much capital does True North Co. have under management?

True North Co. has 3.0B USD under management.

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