India’s Aditya Birla Nuvo Ltd has completed its sale of business process outsourcing unit Minacs to an investor group led by private equity firms CX Partners and Capital Square Partners. Post the deal, which was valued at US$260 million, Minacs will be majority-owned by CX. The company has a significant market presence in Canada, and an office in Toronto. Minacs was formerly a portfolio investment of Canadian private equity firm ReichmannHauer Capital Partners. The firm led the acquisition of Minacs in 2006 and subsequently invested in TransWorks Information Services Ltd, an Indian BPO company that merged with Minacs.
Minacs Announces the Completion of Acquisition
Aditya Birla Group Divests in Favor of Investor Group Led by CX Partners & Capital Square Partners
TORONTO, ONTARIO and BANGALORE, INDIA, May 09, 2014 (Marketwired via COMTEX) — Minacs, a global business solutions company, today announced the completion of its acquisition by a reputable investor group led by the PE firm, CX Partners (CXP), and Capital Square Partners (CSP) a Singapore based investment holding company, from ABNL IT & ITeS Ltd., a wholly owned subsidiary of Aditya Birla Nuvo Ltd. (ABNL). Minacs had announced the transaction on January 30, 2014 in a media release. Post this transaction, Minacs will be majority-owned by CX Partners.
While the company’s global entities will be held by a holding company being registered as The Minacs Group in Singapore, the business brand will continue to go to market as “Minacs.”
On behalf of the new investors, Ajay Relan, Managing Partner of CX Advisors, advisor to CXP, said, “We see Minacs as an exciting asset, given its high-value capabilities, great clients, and heritage of long relationships with them. Driven by its DNA of operational excellence, it is today an acknowledged outsourcing services industry leader, known for its strong capabilities.”
Sanjay Chakrabarty, Partner and Managing Director of CSP, said, “As strategic financial investors, we aim to provide the direction that will help Minacs accelerate and realize its full potential as a leading provider of customer experience, marketing and back office services. Minacs will drive a culture of innovation, flexibility and long-term customer relationships.”
Aparup Sengupta of CSP, who is joining as the Executive Chairman of the Board, said, “Minacs has the ingredients of occupying a formidable and preeminent position in the customer experience value chain, which will be the foundation for growth for our Customers, Employees, and Shareholders. We are very excited to work with its outstanding management team to realize our shared growth ambitions for the company.”
The Managing Director of Aditya Birla Nuvo, Dr. Rakesh Jain, said, “Our association with Minacs began in 2006, and goes back earlier with the Aditya Birla Group’s entry into IT-ITeS as a sector. This relationship does not come to an end here, as our Group companies will continue to work with Minacs given its domain expertise and reputation as a globally respected business solutions provider.”
With the completion of the acquisition, Minacs also announced that CEO Deepak Patel has moved on to pursue other career interests in the United States. He was CEO at Minacs since 2008. Deepak not only successfully consolidated Minacs’ book of business and regional presence, but grew it to its status today as a respected global business solutions company. President and Chief Operating Officer, Anil Bhalla has taken over charge as CEO.
Anil Bhalla, the new CEO of Minacs, said, “We thank the Aditya Birla Group for its support, and Deepak for his leadership and contribution to Minacs’ evolution. Taking it from here, I look forward to build on our strong culture of operational excellence and deep industry expertise, along with a renewed focus on technology innovation to deliver even stronger business results for our clients. With our new investors, we will accelerate our strategy to become a transformative partner totally aligned with the future roadmaps of our clients. I am energized by the tremendous opportunities that we see for Minacs as it realizes its true potential as a global leader in the services industry.”
Minacs is an outsourcing and business solutions leader that partners with global corporations in the manufacturing, retail, telecom, technology, media and entertainment, banking, insurance, healthcare and public sectors. 21,000 Minacs experts across 34 centers worldwide deliver superior customer experience, marketing, and back office solutions to power business results for our clients.
Visit www.minacs.com to learn more about Minacs’ solutions for global enterprises and their customers.
Safe Harbor Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the regulators in India and to our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
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