Advent International eyes controlling stake in VIP Industries: Report

The deal is expected to come at a 10-15 percent premium to the current market price of RS 459.95 per share on NSE.

Global private equity firm Advent International is reportedly in talks to acquire a controlling stake in VIP Industries, the listed luggage and travel accessories maker, Mint reported, citing sources. This move revives sale discussions initiated nearly a year ago by the Dilip Piramal-led promoter group.

“The deal has been revived, and Advent is the front-runner,” a source told Mint, adding that negotiations remain inconclusive and could fall through. The promoters, who own 51.74 percent in VIP Industries, have put their entire stake up for sale, which could trigger an open offer as per regulatory guidelines, the report added.

As of the September 2024 quarter, the promoter stake is valued at approximately Rs 3,379 crore, based on the company’s market capitalisation of Rs 6,531.91 crore. The deal is expected to come at a 10-15 percent premium to the current market price of RS 459.95 per share on the NSE.

Advent International and VIP chief executive Neetu Kashiramka declined to comment to Mint's quaries, while Chairman Dilip Piramal was unavailable. Moneycontrol could not independently verify the report.