Keva UK Ltd
Acquisition of PFW Aroma Chemicals BV

Keva UK Ltd of the UK acquired PFW Aroma Chemicals BV, a Barneveld-based (Netherlands) manufacturer of aroma chemicals, from Yule Catto & Co PLC) in 2008. It offers toll manufacturing services using its expertise to produce outsourced aroma chemicals for its major customers such as P & G, Givaudan, Aako, IFF etc.


Silverdale shortlisted the target for, negotiated purchase price consideration, structured the transaction, arranged funding, and managed the acquisition process including the documentation, assisted in appointing service providers to the acquirer (legal counsels, technical consultants, due diligence accountants, etc) and ensured successful deal closure.

Orient Green Power
Silverdale raises US$ 55 million for Orient Green Power

Orient Green, Singapore, is India’s leading renewable energy company focussed on (a) Biomass, (b) Small Hydel, (c) Wind Energy, and (d) Biogas. Orient Green Power is a 50:50 joint venture between Shriram EPC (part of US$3.4bn Shriram Group) and US$ 3.2bn Bessemer Venture Partners.

The funds were raised from Olympus Capital Holdings Asia (Lead Investor), Bessemer Venture Partners and Shriram EPC, inter alia for setting up 217MW of power projects (to increase to over 500MW in next 5 years).

Silverdale Services Limited, London successfully accomplished $55m of Private Equity funding for Orient Green Power. This project funding is expected to take the company to a new level of growth.

Sintex Industries Limited
Silverdale raises US$ 225 million for Sintex Industries

Sintex Industries Limited is India’s most integrated wide-spectrum plastics and composites manufacturer and fabricator, and a market leader in structured textile industry. Whilst best known for its water tanks (50% aftermarket share), Sintex handles over a dozen moulding technologies and composites such as glass, concrete etc. Its proprietary product PLASTOCRETE® saves 15%-20% of cost and 50% of time to build site offices, warehouses, classrooms, public toilets, monolithic mass housing, etc.

Sintex acquired 5 companies over the past two years in the US, Europe and Asia which would add significantly to the topline and bottomline of the company as well as provide Fortune 100 clients.

The funds have been raised to meet foreign currency expenditure for capex plans, investing in overseas joint ventures / subsidiaries, and for further overseas acquisitions.

In March 2008, Sintex raised US$ 225 million through an issue of zero coupon unsecured foreign currency convertible bonds. The bonds have a maturity of 5 years and are convertible at a price of at a price of INR 580.

Silverdale Services Limited was Joint Lead Manager for the offering, along with ICICI Bank.
 

Vardhman Polytex Limited
Silverdale raises US$ 12 million for Vardhman Polytex

Vardhman Polytex Limited is one of the largest textile companies in India, manufacturing cotton, acrylic and blended yarns. The company owns the ‘Oswal’ brand, which has one of the highest brand recall in India. It also exports its products to more than 15 countries.

Vardhman is undertaking major capacity expansion. It is enhancing its spindle capacity by 80,000 spindles, expanding its dyeing capacity by 10 MT per day, and forward integrating into shirting through a joint venture with FM Hammerle of Austria. It has significant retailing presence through Oswal Retail Private Limited.

The funds raised will be used for its expansion activities.

In February 2008, Vardhman raised US$ 12 million through an issue of 2% unsecured foreign currency convertible bonds. The bonds have a maturity of 5 years and are convertible at a price of INR 106.86 which represents a premium of around 65% over the current market price.

Silverdale Services Limited, London, was the Sole Lead Manager for the offering, and Axis Bank was the Financial Advisor to the Issuer.

 

South Asian Petrochem Limited
Silverdale raises US$ 20 million for South Asian Petrochem

South Asian Petrochem Limited (SAPL) is the second largest producer of Polyethylene Terephthalate (PET) in India with a 180,000 TPA manufacturing plant in Haldia. PET is one of the most effective packaging materials in the world. The company focuses on bottle grade and film grade PET resins, which are sold under the brand name ASPET. It holds a 30% share of the domestic market. It exports about 80% of its production to over 60 countries, and has about 1.5% share of the global market.

SAPL is setting up a 315,000 TPA PET resin plant in Egypt in a joint venture with Egyptian Petrochemicals Holding Company, at a cost of US$ 100 million. The strategic location of the plant would lower feedering cost as well as reduce cost of access to the under-penetrated African markets and moderately penetrated Middle East markets.

The funds were raised for capital expenditure and equity investment in the overseas joint ventures.

In January 2008, SAPL raised US$ 20 million through the issue of zero coupon unsecured Foreign Currency Convertible Bonds. The bonds have a maturity of 5 years and are convertible at a price of INR 22.50 which represents a premium of around 25% over the current market price.

Silverdale Services Limited, London, was the Sole Lead Manager for the offering.

 

Bartronics India Limited
Silverdale raises US$ 25+50 million for Bartronics

Bartronics is pioneer in introducing Automatic Identification and Data Collection (AIDC) technologies like Bar Coding, Biometrics, Radio Frequency Identification and Data Collection (RFID) in India.

The funds were raised for expansion and setting up the largest manufacturing facility in South Asia for 80 million smart cards.

In June 2007 Bartronics raised US$ 25 million through zero coupon Foreign Currency Convertible Bonds with a YTM of 7.25% and a conversion price of INR 140.00 per share.

In January 2008 Bartronics raised US$ 50 million through zero coupon Foreign Currency Convertible Bonds with a YTM of 6.65% and a conversion price of INR 290 per share.

Silverdale Services Limited, London, was the Sole Lead Manager for both the offerings.

Vyapar Industries Limited
Silverdale raises US$ 17 million for Vyapar Industries

Vyapar Industries Limited is one of India’s leading manufacturers and exporters of quality viscose rayon filament yarn (twisted and dyed), polyester and other yarns. The company produces embroidery thread, sewing thread and other yarns, as well as a wide range of tailoring accessories. The company is also involved in merchant trading of products such as lighters and balloons. It is undertaking forward integration into retailing, and has started establishing godowns and retail shops in key towns; this would enhance its profit margin by 20-25%.

The GDR funds were used to fund its expansion and modernization programme, and to meet its working capital requirements.

In December 2007, Vyapar raised US$ 17 million through Global Depository Receipts (GDRs) at US$ 0.89 per GDR.

Silverdale Services Limited, London, was the Sole Lead Manager for the offering.

The West Coast Paper Mills
Silverdale raises US$ 9 million for The West Coast Paper Mills

The West Coast Paper Mills Limited (WCPM) is one of the largest integrated paper companies in India. The company offers a broad range of products, including writing and printing, industrial, packaging and specialty papers. The company is the market leader in the Maplitho segment, and in the MICR cheque paper segment where it has 70% market share.

The company is undertaking a US$ 275 million (Rs 1,100 crore) capex programme to increase its capacity from 163,750 TPA to 320,000 TPA, replace board production by much higher margin pulp sheets, and set up an additional 35MW power plant. The Company has also embarked upon the largest captive forest plantation in India covering over 18,000 hectares to be completed over next 5 years.

The funds were raised for the purchase of new machinery, the augmentation of its manufacturing capacity and to meet working capital requirements.

In November 2007, WCPM raised US$ 9 million through Global Depository Receipts (GDRs) at US$ 2.164 per GDR.

Silverdale Services Limited, London, was the Sole Lead Manager for the offering.