Carlyle to acquire minority stake in Gujarat tile firm Varmora Granito

Indian company says it will use partnership for investments in brand building and, expanding distribution

Global investment firm Carlyle will invest an undisclosed amount in Varmora Granito Pvt. Ltd. to pick up a strategic minority stake in the Gujarat-based tile and bath ware company.

Equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners Growth. Investment bank Steer Advisors is assisting Varmora in the transaction expected to close in the second quarter of FY23, subject to customary closing conditions.

Varmora, a founder-led company established in 1994, sells premium tiles, faucets, sanitary ware and other products through a national distribution network that includes more than 200 brand outlets