The Carlyle Group, a global private equity firm, has beaten rival bidders for a stake in Indian clothing retailer Fabindia, AltAssets reports. The offer values the company at nearly $286 million. Carlyle has outbid offers from buyout companies such as Bain Capital, Kohlberg Kravis Roberts & Co., Everstone Capital, New Silk Route, Sequoia Capital, PremjiInvest and Singapore state investor Temasek Holdings.
Fabindia founder John Bissell holds a 50 percent share in the company, while the staff owns 42 percent. Carlyle, which has been eying the remaining 8 percent interest currently held by private equity vehicle Wolfensohn Capital Partners, will provide capital to fund the retailer’s expansion into smaller cities across India and widen its range of home furniture in larger stores.
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