The Economic Times 13 August 2012
Gita Piramal, business historian and the author of Business Maharajas, has divested her entire 95% stake in office furniture company BP Ergo for an undisclosed amount to American furniture major HNI Corp.
Investment banking officials said the total enterprise valuation of the company is around Rs 200 crore.
The deal will help the world’s second largest furniture company to own capacities capable of providing furniture to two lakh people annually in a fast-growing market like India.
BP Ergo’s manufacturing facilities are located at Nagpur in Maharashtra and Nalagarh in Himachal Pradesh.
“By attracting investment from HNI, BP Ergo has broken the myth of Indian manufacturing losing its global edge,” said Gita Piramal. The current management team led by CEO Vikram Sharma will contnue to run operations.
Rajeev Gupta, ace investment banker and former MD of Merrill Lynch, was the advisor to the transaction. “BP Ergo is a top laboratory for CEO training. Dr Gita Piramal has created a powerful platform to attract and nurture talent,” said Gupta.
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