True North Mergers and Acquisitions Summary

Private Equity Firm Profile

True North’s most common sectors for investment arefinancial services (10%) and healthcare services (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (54%) and stake purchase (34%). In total, True North has invested in 1 US state and 4 different countries.

In the last 3 years, True North has exited 1 company. The Firm’s most common exit type is trade sale (54%).

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M&A Summary

  • M&A Total Activity43
    • M&A Buy Activity30
    • M&A Sell Activity13
  • Total Sectors Invested 20
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 14

True North Co.

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 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 30 - - - - - 30
Sell (0.2/yr) # 12 - - 1 - - 13
  43

Most Recent M&A

Company Date Value Type
Actify Data Labs Pvt. Ltd. 2022-01-11 - Trade Sale
Bangalore, India · www.actifydatalabs.com
VKL Seasonings Pvt. Ltd. 2019-04-30 - Trade Sale
Kochi, India · www.vklspices.com
Actify Data Labs Pvt. Ltd. 2018-01-01 - Buyout (LBO, MBO, MBI)
Bangalore, India · www.actifydatalabs.com
Atria Convergence Technologies Pvt. Ltd. 2016-01-01 - Secondary Sale
Bengaluru, India · www.actcorp.in
Music Broadcast Pvt. Ltd. 2015-06-11 - Trade Sale
Mumbai, India · www.planetradiocity.com
Manipal Hospitals 2015-02-26 - Secondary Sale
Bengaluru, India · www.manipalhospitals.com
Syngene International Ltd. 2014-09-19 - Stake Purchase
Bengaluru, India · www.syngeneintl.com
National Bulk Handling Corporation Pvt. Ltd. 2014-03-31 - Buyout (LBO, MBO, MBI)
Mumbai, India · www.nbhcindia.com
ISS Hicare Private Ltd. 2014-01-29 - Divestiture
Mumbai, India · www.isshicare.com
VKL Seasonings Pvt. Ltd. 2013-01-01 - Stake Purchase
Kochi, India · www.vklspices.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 1 (8%) - 3 (10%) -
Healthcare Services 1 (8%) - 3 (10%) -
Media - - 3 (10%) -
Building Materials 2 (15%) - 2 (7%) -
Information Technology - - 2 (7%) -
Life Science 1 (8%) - 2 (7%) -
Transportation 2 (15%) - 2 (7%) -
Automotive - - 1 (3%) -
Business Services 1 (8%) - 1 (3%) -
Communications - - 1 (3%) -
Consumer Services 1 (8%) - 1 (3%) -
Distribution 1 (8%) - 1 (3%) -
Electronics - - 1 (3%) -
Environmental 1 (8%) - 1 (3%) -
Food - - 1 (3%) -
Insurance - - 1 (3%) -
Machinery - - 1 (3%) -
Marketing 1 (8%) - 1 (3%) -
Renewable Energy 1 (8%) - 1 (3%) -
Retail - - 1 (3%) -
Total 13 - 30 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
India 10 (77%) - 27 (90%) -
United States 1 (8%) - 1 (3%) -
  Florida 1 (8%) - 1 (3%) -
United Kingdom 1 (8%) - 1 (3%) -
United Arab Emirates 1 (8%) - 1 (3%) -
Domestic 10 (77%) - 27 (90%) -
Cross-border 3 (23%) - 3 (10%) -
Total 13 - 30 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (38%) - 16 (53%) -
Stake Purchase 5 (38%) - 10 (33%) -
Consolidation 1 (8%) - 1 (3%) -
Divestiture 1 (8%) - 1 (3%) -
Secondary Buyout - - 1 (3%) -
Venture 1 (8%) - 1 (3%) -
Total 13 - 30 -

Exits by Deal Type

Type Total # Value
Trade Sale 5 (38%) -
IPO 3 (23%) -
Secondary Sale 3 (23%) -
Trade Sale - Public Company 2 (15%) -
Total 13 -

M&A Connections

Deals
Acquired from
Investor(s)
3%
1 (3%)
Strategic(s)
3%
1 (3%)
Exited to
Investor(s)
23%
3 (23%)
Strategic(s)
54%
7 (54%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

1.8B 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 1.8B USD under management.

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