Private equity firm Warburg Pincus has acquired a majority stake in furniture fittings and architectural hardware manufacturer Ebco Private Limited.
While the firm did not disclose any details about the deal, Mint had reported earlier that Ebco promoters were planning to sell up to 74% stake in the Mumbai-based company for Rs 3,500 crore.
The company is owned by Geoffrey Nagpal, Ashley Nagpal, and others. The promoters will retain a significant minority stake in Ebco and will be actively involved in the future growth of the business, Ebco said in a statement.
“I have been fortunate enough to witness the Company’s transformation over the last 60 years alongside Ashley Nagpal, Rajesh Nair, and Nishant Nagpal, who have been pivotal in the journey of Ebco’s evolution into one of India’s most trusted brands in this space. The Company is at an exciting phase of growth, and we are thrilled to partner with Warburg Pincus at this stage,” Geoffrey Nagpal, Managing Director, Ebco said in a statement.
Ebco started in 1963 as a tool maker and later diversified into furniture hardware in 1987. Today, it has over 4,500 products sold via more than 5,500 retail touchpoints. It makes bed and wardrobe fittings, kitchen systems, and office furniture fittings from three manufacturing plants in Maharashtra.
“We believe that the Indian furniture fittings and architectural hardware industry is poised for significant growth over the next several years, underpinned by tailwinds from favourable demographics fuelling real estate demand, rising furniture modularization, and increasing home renovations. Ebco has been a pioneer in this industry with its innovative, functional, and high-quality products,” Anish Saraf, Managing Director, Warburg Pincus India said.
In July, Warburg Pincus acquired Vistaar Finance, a non-banking financial company specialising in lending to micro, small, and medium enterprises in India. As part of the transaction, Avijit Saha—an ex-ICICI banker with over 30 years of experience in retail, rural, digital banking, and SME credit—joined Vistaar Finance as the CEO.
