True North Mergers and Acquisitions Summary

Private Equity Profile

True North’s most common sectors for investment are financial services (11%) and healthcare services (11%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (52%) and stake purchase (35%). 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 (55%).

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M&A Summary

  • M&A Total Activity40
    • M&A Buy Activity29
    • M&A Sell Activity11
  • Total Sectors Invested 20
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 13

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 29 - - - - - 29
Sell (0.2/yr) # 10 - - - 1 - 11
  40

Most Recent M&A

Company Date Value Type
VKL Seasonings Pvt. Ltd. 2019-04-30 - Add-on Acquisition
Kochi, India · www.vklspices.com
Music Broadcast Pvt. Ltd. 2015-06-11 - Add-on Acquisition
Mumbai, India · www.planetradiocity.com
Manipal Health Enterprises Pvt. Ltd. 2015-02-26 - Secondary Buyout
Bangalore, 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
Manipal Health Enterprises Pvt. Ltd. 2013-01-01 - Buyout (LBO, MBO, MBI)
Bangalore, India · www.manipalhospitals.com
Trivitron Healthcare Private Ltd. 2012-10-31 - Venture
Chennai, India · www.trivitron.com
SFO Technologies Pvt. Ltd. 2011-05-01 - Secondary Buyout
Kochi, India · www.sfotechnologies.net
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 1 (7%) - 3 (10%) -
Healthcare Services 1 (7%) - 3 (10%) -
Media - - 3 (10%) -
Building Materials 2 (14%) - 2 (7%) -
Life Science 1 (7%) - 2 (7%) -
Transportation 2 (14%) - 2 (7%) -
Automotive - - 1 (3%) -
Business Services 1 (7%) - 1 (3%) -
Communications 1 (7%) - 1 (3%) -
Consumer Services 1 (7%) - 1 (3%) -
Electronics - - 1 (3%) -
Environmental 1 (7%) - 1 (3%) -
Food - - 1 (3%) -
Information Technology - - 1 (3%) -
Insurance - - 1 (3%) -
Machinery - - 1 (3%) -
Marketing 1 (7%) - 1 (3%) -
Medical Products 1 (7%) - 1 (3%) -
Renewable Energy 1 (7%) - 1 (3%) -
Retail - - 1 (3%) -
Total 14 - 29 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
India 11 (79%) - 26 (90%) -
United States 1 (7%) - 1 (3%) -
  Florida 1 (7%) - 1 (3%) -
United Kingdom 1 (7%) - 1 (3%) -
United Arab Emirates 1 (7%) - 1 (3%) -
Domestic 11 (79%) - 26 (90%) -
Cross-border 3 (21%) - 3 (10%) -
Total 14 - 29 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (36%) - 15 (52%) -
Stake Purchase 6 (43%) - 10 (34%) -
Consolidation 1 (7%) - 1 (3%) -
Divestiture 1 (7%) - 1 (3%) -
Secondary Buyout - - 1 (3%) -
Venture 1 (7%) - 1 (3%) -
Total 14 - 29 -

Exits by Deal Type

Type Total # Value
Trade Sale 4 (36%) -
IPO 3 (27%) -
Secondary Sale 2 (18%) -
Trade Sale - Public Company 2 (18%) -
Total 11 -

M&A Connections

Deals %
Acquired from
PE Firm(s)
50%
1 50%
Strategic(s)
50%
1 50%
Exited to
PE Firm(s)
25%
2 25%
Strategic(s)
75%
6 75%

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