Deals In Brief

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Wanbury sells brands to Cipla

Wanbury sold its women healthcare brands CDense, CPink, Folinine and Productiv along with other relevant assets to Cipla for ₹880 million (US$12.4 million).

Khaitan & Co represented Wanbury for finalizing the structure of the transaction and drafted, negotiated and finalized the transaction documents. Partner Bhavik Narsana, principal associate Niharika Mepani and associate Pujitha Gullapalli were part of the core transaction team for Khaitan. The firm also advised on direct and indirect tax matters.

Masco offloads kitchen arm

Masco Corporation sold Masco Cabinetry, a manufacturer of kitchen and bath cabinetry, along with its investment in KraftMaid Services India to ACProducts Inc for US$850 million in cash and preferred stock.

J Sagar Associates (JSA) advised and assisted Masco as India counsel. Its team comprised partners Nitin Potdar and Rinku Ambekar and associates Reshma Oak and Abhishek Singh. Davis Polk & Wardwell acted as an international counsel for Masco.

Funding for Pepperfry

Bertelsmann India Investments, an existing investor in the operator of Pepperfry, participated in a US$40 million financing round. S&R Associates represented Bertelsmann and the firm was represented by partner Rachael Israel and associates Kanika Khanna and Kinnari Sanghvi.

The financing round also involved Pidilite Industries and other existing investors Norwest Venture Partners, Goldman Sachs and State Street Global Advisors. Pepperfry is an Indian online marketplace for furniture and home accessories founded in 2011.

New investor joins Daawat

United Farmers Investment Company, a subsidiary of the Saudi Agricultural and Livestock Investment Company (SALIC), acquired 29.91% equity shares in Daawat Foods from shareholders India Agri Business Fund and Real Trust, which exited the company.

AZB & Partners advised SALIC and was represented by partners Ashwath Rau and Divya Mundra, and senior associates John Adwet Raghav and Abhipsita Kundu. The acquisition gives United Farmers the right to nominate two out of 10 directors on the company’s board.

Waycool holds funding round

Waycool Foods and Products held a Series C funding round for US$35 million, which included equity and debt funding. The funding round was led by Lightbox Ventures III, and Dutch development finance institution FMO participated in the round along with other investors.

Khaitan & Co advised Lightbox Ventures III for the overall transaction. Its role included negotiating, drafting and reviewing the definitive agreements, which included a share subscription agreement, a shareholders’ agreement, a restricted shares escrow agreement and employment agreements for the promoters. The firm also acted as Indian legal counsel to FMO.

The Khaitan team comprised partner Vivek Sriram and associates Murugaveni Pillai, Gargi Bohra, Ekta Chandan, Saranya Mishra and Ruturaj Jere. Shardul Amarchand Mangaldas & Co was legal counsel to Waycool Foods in relation to the restructuring exercise, and Norton Rose Fulbright was legal counsel for FMO.