Advent International acquires significant minority stake in ASK Group, a leading investment and wealth manager in India
- Partnership to focus on accelerating ASK’s growth by strengthening its team, launching new products and expanding internationally
MUMBAI, December 21, 2016 – Advent International, one of the largest and most experienced global private equity investors, today announced that it has acquired a significant minority ownership interest in ASK Group (“ASK”), a leading investment and wealth management business in India.
ASK Group’s founders will retain a majority stake in the company, and the management team will continue to lead the business. Financial terms were not disclosed.
The transaction is the first investment that Advent has made in India from its new $13 billion global private equity fund, GPE VIII, and its third investment in India in the past two years following the purchase of equity stakes in Crompton Greaves Consumer Electricals and QuEST Global Services.
Founded in 1983, ASK is India’s largest equity portfolio management service provider, a leading real estate investment manager and one of the country’s top wealth managers. The group also has a private equity fund management business. ASK manages assets of over Rs. 29,480 crore (US$4.4 billion) across seven offices in India and has offices in Dubai and Singapore, catering to its international investor base.
“We are pleased to welcome Advent International as our new investment partner as we look to take our businesses to the next level of growth,” said Asit Koticha, Chairman and Founder of ASK Group. “With its deep sector expertise and global resources, Advent can bring significant value to help us increase productivity, broaden our range of services and expand our international presence.”
“ASK is a leading player in India’s growing investment management market, which is benefitting from rising per capita income, savings and increasing penetration of professional investment advisory services,” said Shweta Jalan, Managing Director and Head of India for Advent International. “ASK has well-respected investment managers, and we believe it is strongly positioned to enhance the value it offers to customers by expanding its reach, products and services. We look forward to working with ASK’s management team to pursue these growth opportunities.”
Commenting on the partnership, Sunil Rohokale, Managing Director and CEO of ASK Group, said, “This partnership will enable ASK Group to scale up its existing business and explore new business opportunities domestically and internationally.” He added, “With the help of the Advent team, ASK plans to build an international franchise for Indian investment opportunities focusing on institutional investors and family offices.”
Advent has significant experience in the financial services sector, having invested in 40 companies in subsectors such as payments, insurance and consumer finance over the past 25 years. The firm has been investing in India since 2007 and opened an office in Mumbai in 2009. In addition to ASK Group, Advent’s investments in India have included Crompton Greaves Consumer Electricals, India’s leading supplier of consumer electrical goods, lighting and lighting automation systems; QuEST, a global engineering solutions provider; Care Hospitals, one of the leading tertiary care hospital chains in the country; and Computer Age Management Services (CAMS), India’s leading provider of business process outsourcing services to the asset management industry.
Moelis & Company served as exclusive financial advisor and Shardul Amarchand served as legal advisor to ASK Group on the transaction. Nomura served as exclusive financial advisor and Cyril Amarchand served as legal advisor to Advent International.
ABOUT ASK GROUP
The ASK Group is a leading player in the investment and wealth management business in India, managing the wealth and investment needs of some of the most affluent families in the country. The group is represented in India through its four key businesses: ASK Wealth Advisors, providing wealth advisory and multi-family office services; ASK Investment Managers, providing portfolio management services; ASK Property Investment Advisors, focusing on real estate private equity; and ASK Pravi Capital Advisors, focusing on private equity fund management. It has seven offices in India through which it serves the needs of clients across the country. Through its office in Dubai, the group manages clients in Gulf Cooperation Council countries and Africa, and through its office in Singapore it manages real estate and equity investments made in India. ASK Group manages assets of approximately Rs. 29,480 crore (US$4.4 billion).
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ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 315 private equity transactions in 40 countries. As of September 30, 2016, it had $42 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
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