Coforge Deal Saves The Day For Advent’s Portfolio Woes? 

Global private equity firm Advent International’s large deal with Coforge Ltd. has put the spotlight on its other portfolio companies, especially, in the listed space where Advent has a majority control. Sources told NDTV Profit that few strategies of Advent have been a concern for stakeholders in those portfolio companies. 

Market participants who invested in Advent’s portfolio companies have shared concerns with NDTV Profit on value creation by the PE firm. The issues regarding two strategies, i.e., management changes, and exit mechanism in firms with controlling position, seen in multiple portfolio companies.

Concerns by institutional investors are primarily on three such companies, exit from Crompton Greaves Consumer Electricals and performance of Eureka Forbes, and Cohance. Sources share that Advent's exit from CG Consumer Electricals was seen leaving the company without direction. Similarly, Eureka Forbes, Cohance were on the radar for management changes and witnessed a stock slump post the stake sale by Advent.

Advent’s last tranche of exit from Crompton Greaves Consumer Electricals was done in 2021 when shares were sold for Rs 400 a piece. The consumer electricals stock is now trading around Rs 250 per share levels. Investors told NDTV Profit that CG Consumer was left directionless after Advent's exit.

In response to a query raised by NDTV Profit, the PE firm has said that it created 4.3 times value for the shareholders between 2015-2021. Advent brought in a new management team in 2015 when it invested in CG Electricals and became a promoter. 

“The MD and CEO of Crompton only changed in April 2023, which was 22 months after Advent sold and resigned from the board. Over that time, Crompton was a board managed company with zero Advent involvement, so any questions on management change or disruption to operational continuity that happened after June 2021 should be directed to the Board of Crompton, as it was their responsibility,'' Advent told NDTV Profit when asked about investor's concerns regarding Advent's exit from CG Electricals.

In February 2024, Advent International sold a minority stake in Eureka Forbes at Rs 979 apiece. Now, the stock trades at Rs 600 levels. Advent had revamped Eureka Forbes' leadership after its acquisition in 2022. Shareholders are now concerned about Eureka Forbes' business and the slump in stock performance.

The PE firm claims that it has led to a 3x value creation for other shareholders in 3.5 years. The promoter brought in a new management team when it invested in 2022. Since then, there have been no management changes at the MD, CEO, or CFO level at Eureka Forbes. ''Business has done very well over the same time-period so there is no business disruption,'' Advent told NDTV Profit.

Advent sold a part of it's stake in Cohance Lifesciences Ltd at Rs 906 apiece in September 2025. The stock is now trading around Rs 500 levels. Notably, the share sale by Advent was done a few weeks before Cohance's CEO resigned in October 2025. The PE firm states that it remains committed to Cohance's long-term business growth.

“While there have been select management changes, the business continues to be led by a strong executive chair along with three CEOs for each of the business units. The management team is fully committed to the long-term growth of the business,'' said Advent International.

''Advent continues to own ~58% of Cohance post the stake sale. As a majority shareholder, it is committed to the long term performance and growth of the business,'' Advent told NDTV Profit.