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Mid-market private equity fund Paragon Partners has exited Maini Precision Products Limited (MPPL) following a takeover by Raymond Group.

Paragon Partners has sold off approximately 27% of MPPL for an undisclosed fee after branded fabric and fashion retailer Raymond Group acquired a controlling stake of 59.25% for Rs 682 crores funded by a mix of debt and internal accruals. Paragon Partners had invested in Maini Precision Products in two tranches in the years 2016 and 2019.

“We first invested in Maini Precision Products in 2016 when not too many investors were interested in the manufacturing sector.” Sumeet Nindrajog, Senior Partner and Co-Founder, Paragon Partners, said. “Our partnership has not only created substantial value but has also exemplified the strength of collaborative entrepreneurship and we wish them continued success in their future endeavours.”

MPPL operates a varied business, with 11 manufacturing facilities situated across India. These facilities are dedicated to two distinct sectors: aerospace, where they produce precision components for aerospace and defense applications, and automotive and industrial, where they specialise in manufacturing precision products for various applications such as clean internal combustion engines, fuel injections, transmissions, electric vehicle components, hydraulics, industrial equipment, and agriculture-related components.

“The leadership team of Paragon Partners has played an integral role in our remarkable high-growth phase. We are deeply appreciative of the unwavering support and the substantial value addition that the team at Paragon Partners has provided us,” Gautam Maini, Managing Director, Maini Precision Products said.

“Throughout our partnership, their strategic guidance, financial expertise, and commitment to driving our operational efficiencies have helped propel Maini Precision Products,” Maini added.

Maini Precision was founded in 1973 by Sudarshan Maini and Chetan Maini. These two entrepreneurs established Reva Electric Car Co. Pvt. Ltd., entering into a joint venture with US-based Amerigon Electric Vehicle Technologies Inc. Through this collaboration, they produced Reva, marking India’s inaugural foray into the world of commercial electric cars. In 2010, they sold Reva Electric to Mahindra and Mahindra Ltd.