Homegrown private equity major Lighthouse Funds has offloaded 2-2.5% in listed laminates maker Stylam Industries Ltd with 3.5x returns, said two people familiar with the development, seeking anonymity.
Mumbai-based hedge fund manager Abakkus Asset Manager LLP picked up the stake for ₹40 crore, they added.
Lighthouse had offloaded a 4% stake in Stylam in July 2021 clocking 3x returns. Consumer-focussed venture capital fund Sixth Sense Ventures had paid nearly ₹70 crore for the transaction. The mid-market PE fund had invested ₹51 crore in the company in May 2017.
Its holding in the company has come down from 15% last year to 7.5% now.
Email queries to Abakkus, Lighthouse and Stylam did not elicit a response till press time.
Stylam, established in 1991, designs, manufactures and markets laminates for residential, commercial and industrial purposes. It clocked revenue of around ₹475 crore in FY21 as against ₹462 crore in the year-ago.
Abakkus was incorporated in early 2018 by Sunil Singhania, the former global head of equities for Reliance Capital. The fund invests in mid- and small-sized listed companies via open market transactions. It has so far backed more than 48 companies, but holds less than 1% in some of its portfolio firms and, therefore, the data is not publicly available.
Some of its recent bets were Mumbai-based kitchen materials maker Acrysil Ltd, Hindustan Sanitaryware Industries Ltd, Kolkata-based Lux Industries Ltd and Shoppers Stop Ltd.
Founded in 2006 by Sachin Bhartiya, Mukund Krishnaswami and Sean Sovak, Lighthouse is now investing from its third fund, which had marked the final close at ₹1,750 crore ($250 million) in May 2019.
Lighthouse is a consumer-focused fund investing in sectors such as healthcare, food and beverages, personal care, building materials, consumer durables, and logistics and financial services.
Last week, it increased its shareholding in Shaily Engineering Plastics Ltd. Earlier this month, it marked its first transaction for the year by infusing ₹200 crore into gifting platform Ferns N Petals.