Stan­ley Life­styles Raises Money from Oman In­dia Fund

The Economic Times - - Companies: Pursuit Of Profit - Anu­meha.Chaturvedi @times­

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

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