Global investment firm Carlyle will acquire a minority stake in Varmora Granito, a fast-growing tiles and bathware brand in India.
Equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners Growth. Terms of the deal were not disclosed.
Established in 1994, Varmora boasts a comprehensive product portfolio which includes premium tiles, faucets and sanitaryware. Its products are sold through a national distribution network including over 200 exclusive brand outlets in India and globally.
Varmora aims to leverage the strength of the strategic partnership with Carlyle to enhance its investments in brand building and digital marketing, deepen its distribution network, and augment product innovation and capacity.
Carlyle says a positive outlook for the residential sector, along with rising per capita income in India and product premiumization, will provide significant growth opportunities for a branded building materials consumer player such as Varmora.