AFTER BAIN, TPG PICKS RS120-CR STAKE IN LILIPUT

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Private equity firm TPG has taken a minority stake in Lilliput Kidswear for Rs 120 crore, just a week after Bain Capital bought a stake in the children’s apparel and accessories retailer for Rs 270 crore, a top company executive said.
  
The two private equity funds have bought out domestic investment firm Everstone’s 35% stake in Lilliput between them, said the person.
 
Sanjeev Narula, founder and MD of Lilliput, said, “We have got two new PE firms on board now.”
 
He did not disclose individual stakes purchased by the investors. TPG and Bain Capital could not be reached for comments. Everstone is believed to have invested Rs 120 crore for its stake in Lilliput brought in three transactions since 2006.
 
Lilliput plans to float an initial public offering (IPO) within the next two years, Mr Narula said.
 
Established in 1991, Lilliput today operates more than 260 stores in India and nine other countries. It clocked revenues of Rs 415 crore for the year ended March 2010.
  
Besides selling apparel through its exclusive stores, Lilliput also supplies to multi-brand outlets in India and GAP Kids, Primark, Old Navy and Carter’s American Eagle in the overseas market.
 
It is also launching a new format, Lilliput World, which will be almost seven times its typical stores in size and sell toys, kids’ furniture, ethnicwear, partywear, soft toys, baby walkers, footwear, feeders and other accessories for children. The company plans to open 16 such stores in a year in metros. The first one will come up in the capital.
 
TPG bought stake in Lilliput through TPG Growth, its investment arm focused on smaller and mid-sized companies looking for early stage and growth investments. It manages more than $2.5 billion.

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