India’s Aditya Birla Nuvo Ltd, a unit of diversified Aditya Birla Group, has agreed to sell its business process outsourcing unit Minacs to a group of investors for US$260 million.
Minacs has a significant market presence in Canada, and an office in Toronto.
The group of investors is led by private equity firms Capital Square Partners (CSP) and CX Partners (CXP), the company said in a statement on Friday, adding the deal is expected to be closed in two to three months.
Minacs posted sales of US$450 million and a net profit of US$23 million in the fiscal year ended March 31, 2013. The company employs 21,000 people across 35 centres in 10 countries, it said in a statement.
Aditya Birla Nuvo said it decided to sell Minacs to pursue “multiple” other growth opportunities. Macquarie Capital acted as financial adviser to the private equity consortium.
Minacs was previously a portfolio investment of Canadian private equity firm ReichmannHauer Capital Partners. The firm led the acquisition of Minacs, a TSX listed company, in 2006 and subsequently invested in TransWorks Information Services Ltd, an Indian BPO company that merged with Minacs. ReichmannHauer exited the company in 2011.
(Reporting by Archana Narayanan; Editing by Anand Basu)
(This story has been edited by Kirk Falconer, Editor, peHUB Canada)
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