PE Firm Is in Advanced Talks for TVS Supply Chain Stake
The buyout firm will purchase new shares as well as those held by existing shareholders in TVS Supply Chain.
(Bloomberg) -- Gateway Partners, the private equity firm led by former Standard Chartered Plc banker Vis Shankar, is in advanced talks to buy a minority stake in India’s logistics provider TVS Supply Chain Solutions Ltd. for $100 million, according to people familiar with the matter.
The buyout firm will purchase new shares as well as those held by existing shareholders in TVS Supply Chain including Tata Opportunities Fund, said the people, who asked not to be identified as the discussions are private. Gateway Partners could own as much as 15% of the logistics company in a deal, one of the people said.
No final decisions have been made and the companies could still decide against a transaction, the people said. A representative for TVS Supply Chain declined to comment, while a representative for Gateway Partners didn’t immediately respond to requests for comment.
Tata Opportunities Fund “explores exit opportunities in all its portfolio companies, including TVS Supply Chain Solution,” a representative wrote in an emailed response.
TVS Supply Chain was started as a business unit of T V Sundram Iyengar & Sons Ltd. in 1995 and became a separate company called TVS Logistics in 2004. It was recently renamed as TVS Supply Chain.
Caisse de Dépôt et Placement du Québec in 2016 bought a “sizable minority stake” in the logistics firm from Goldman Sachs Group Inc. and KKR & Co. for $155 million, according to a press release at that time.
To contact the reporters on this story: Saritha Rai in Bangalore at srai33@bloomberg.net;Baiju Kalesh in Mumbai at bkalesh@bloomberg.net;P R Sanjai in Mumbai at psanjai@bloomberg.net
To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, ;Peter Elstrom at pelstrom@bloomberg.net, ;Sam Nagarajan at samnagarajan@bloomberg.net, Jeanette Rodrigues
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