Jul 31, 2015

Blackstone Sells Agile Electric to Igarashi Electric Works, Tata Capital and MAPE Securities

New York/Mumbai, July 30, 2015: Blackstone (NYSE: BX) today announced that a private equity fund managed by Blackstone Singapore on behalf of its private equity investors has sold its 97.9% stake in Agile Electric Sub Assembly Private Limited (“Agile”), an Indian electric motor manufacturer, to Igarashi Electric Works Ltd (“IEWL”) along with MAPE Securities Private Limited, Alpha FDI Holdings Pte. Ltd. and Tata Capital Growth Fund.

Amit Dixit, Senior Managing Director and Co‐Head of Blackstone Private Equity in India, said “Agile has been an excellent investment for Blackstone, thanks to the contribution of management team. During our investment horizon, the company has consistently delivered profitable growth while continuing its industry-leading practices in human resource management and high quality manufacturing. Investment by a global motor manufacturer, Igarashi, is the logical step in taking the company to the next level. We are confident of the company’s continued success going forward.”

Keiichi Igarashi, President of Igarashi Electric Works Ltd (“IEWL”), said, “Agile has established itself as a strong global supplier with its deep engineering expertise and quality standards. This investment will allow us to widen our global presence and serve our customers better. We believe that India is on track to be a big manufacturing hub and we are excited to be a part of this journey. We are hopeful that we will be able to add to the growth momentum of the business through our knowledge and expertise.”

Jacob Mathew, Managing Director and Co-founder of MAPE Securities, said “Igarashi Electric Japan is a client of long standing and we are delighted to shepherd them back to India. Agile is at the cusp of some exciting growth and we are excited with this being our first significant investment in the manufacturing space.”

About Agile

Agile is India’s leading manufacturer of electric motors. It manufactures and supplies DC motors for automotive applications and others motors for various industrial and consumer non-automotive applications. It has deep relationships with various Tier-1 automotive suppliers globally. 

About The Blackstone Group
Blackstone (NYSE: BX) is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $330 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Blackstone has been investing in India since 2005 and has made investments over $3 billion in private equity and real estate. Further information is available at www.blackstone.com.

About Igarashi Electric Works Ltd

Igarashi Electric Works is a dedicated compact motor manufacturer on a global scale, generating revenues of approximately $300 million. The fundamental mission of Igarashi Electric Works has been to develop, manufacture, and sell products based on customer needs. We will continue to actively listen to our customers, flexibly and speedily responding to changes, and providing the products and services they need, so that we can earn the even greater satisfaction and trust of our customers and become a company which others truly rely on. The company has five manufacturing facilities with six sales offices across the globe. Further information is available at www.jp-igarashi.com/en.html.

About Alpha FDI Holdings Pte. Ltd.
Alpha FDI Holdings Pte Ltd is the investment vehicle of Tata Capital Growth Fund LP, Singapore. Tata Capital Growth Fund LP is a private equity fund which manages third party capital raised from global investors. The Fund targets private equity growth capital investments in companies that have a substantial portion of their operations in India. 

About Tata Capital Growth Fund I
Tata Capital Growth Fund I is a domestic venture capital fund registered with SEBI incorporated as a trust with contributions from leading domestic financial institutions. The Fund is managed by Tata Capital Limited. It pursues growth capital investments in companies with substantial operations in India.

About MAPE Group
Founded in 2001, MAPE is a Bloomberg ranked boutique investment bank, providing M&A and capital raising advisory services. Till date, it has successfully closed over 150 transactions across sectors, totaling a deal size of over US$ 4 bn. It has consistently ranked amongst the top 10 investment banks in the country and was awarded ‘India M&A boutique Investment Bank of the Year 2012’ at the India M&A Atlas Awards. MAPE employs 40+ professionals across offices in Mumbai, Chennai and Bangalore.

For more information, please contact: 

Contacts:

The Blackstone Group                     IPAN Hill & Knowlton
Peter Rose                                           Deepa Jayaraman
New York                                           Mumbai
+ 1 212 583 5871                                +91 22 4066 1755 / 9819808681
rose@blackstone.com                         djayaraman@ipanhillandknowlton.com

Agile Electric Sub Assembly Private Limited
R. Chandrasekaran
Chennai
+91 44 22628199
chandra@igarashimotors.co.in