Stanley Lifestyles Raises Money from Oman India Fund
New Delhi: Premium leather and home furnishings company Stanley Lifestyles has raised private equity investment from Oman India Joint Investment Fund (OIJIF).
Bengaluru-based Stanley, a global vendor for IKEA and William Sonoma for sofas also offers home decor products such as living, dining and bedding accessories through its own label and has 40 retail outlets in India. It provides leather seating solutions to automobile manufacturers like Toyota, Ford, M&M and Renault.
As part of the deal, OIJIF, a mid-market private equity firm, will pick up a significant minority stake in the company through a mix of primary and secondary capital. ICICI Securities was the financial advisor for the transaction.
Stanley declined to share the size of the deal but said the funds raised by the company would be utilised for expanding its retail footprint, capacity expansion, working capital and inorganic growth opportunities. The company has stores in Delhi, Kolkata, Chennai, Mumbai, Coimbatore and Hyderabad, and is planning to expand its retail footprint to international markets like the Middle East and Australia.
“OIJIF is a reputed mid-market fund and we are glad to have them as a shareholder and a partner. We look forward to leverage the experience of OIJIF, especially in the retail sector, to consolidate our brand story and elevate our dominant position in premium home furnishing industry,” said Sunil Suresh, MD of Stanley.
OIJIF, a midmarket PE firm, co-sponsored by the State Bank of India and State General Reserve Fund of Oman, has recently announced the second closing of its second fund OIJIF II with commitments of $230 million. Stanley is the third investment from OIJIF II.
Srinath S, chief executive of OIJIF, said the investment aligns with OIJIF’s strategy to invest in leading Indian consumer businesses having a strong brand recall.
“Stanley is an esteemed brand in premium home furnishing market and a trusted vendor in automotive seating segment. We are excited to partner with Stanley in their next phase of growth.”
As part of the deal, Oman India Joint Investment Fund will pick up a significant minority stake in co