PE major Advent picks advisors for big-bang sales of Bharat Serum & Manjushree Technopak

Advent has picked Goldman Sachs and Avendus Capital for the proposed exit from Manjushree Technopak, one of the sources said

US private equity major Advent International has selected advisors for two mega sale processes of its portfolio companies in India, namely top biopharmaceutical firm Bharat Serum & Vaccines and the country's largest rigid plastic packaging firm Manjushree Technopak, multiple industry executives familiar with the development told Moneycontrol.

"Advent has picked JP Morgan and Jefferies for the proposed exit from Bharat Serums & Vaccines," one of the persons said.

A second person noted that in the case of Manjushree Technopak, the private equity fund led by Shweta Jalan in India has given a joint mandate to Goldman Sachs and Avendus Capital.

A third person confirmed the above two syndicates of investment banks, saying both the deals were likely to be launched by early to mid-2024.

All the three persons above spoke on the condition of anonymity.

When contacted Advent International , JP Morgan and Avendus Capital declined to comment.

An immediate response could also not be elicited from Goldman Sachs and Jefferies. This article would be updated as soon as both the firms comment on the development.

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On December 1, 2023, Moneycontrol was the first to report that Advent was exploring strategic options to unlock value in Manjushree Technopak, a firm it entered five years back.

The report added that Manjushree Technopak was keeping its options open and was simultaneously evaluating a possible listing.

This publication was also the first to report Advent's plans to sell a controlling stake and exit Bharat Serums & Vaccines.

A closer look at Advent

Founded in 1984, Advent International is one of the largest global private equity investors. The firm has invested in over 410 private equity investments across 42 countries, and as of March 31, 2023, had $95 billion in assets under management.

The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology.

Other than Bharat Serums &  Manjushree, the India portfolio of Advent includes Suven Pharma, Cohance, KreditBee, Yes Bank, Tredence, Eureka Forbes, Aditya Birla Capital, DFM Foods, Modenik and Ask Investment Managers.