Home grown private equity fund True North on Monday announced its exit from RDC Concrete by selling its majority stake to ”Infra.Market” for an undisclosed sum.
The PE fund had first picked up stake in the largest non-cement ready mix concrete company 15 years ago and is now the majority owner, a statement said. A definitive agreement has been signed for the sale.
Its partner Ashish Bhargava said the investment illustrates the fund”s ”Buy and Build” philosophy where it prefers to partner with a high-quality management team to build one of the most admired and largest independent RMC companies in India.
“Today”s acquisition of RDC is a significant benchmark for us as we have successfully reached a category defining position in the concrete industry and become a market leader. We will continue to grow and build the concrete vertical both within Infra.Market and at RDC,” Infra.Market”s founder Souvik Sengupta said.
Ready-mix concrete is essentially a people”s business which resulted in the management building a strong talent pipeline and establishing technology enabled processes, the company”s chief executive Anil Banchhor said.
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