Mid-market private equity (PE) firm Jashvik Capital has acquired a significant stake in pest control and home care products maker Midas Hygiene, a joint statement issued by the two companies said on Monday.
While the size of the investment was not revealed, the PE firm has acquired a majority stake in the Mumbai-based Midas Hygiene, according to a person familiar with the deal. Jashvik Capital’s previous deals have been in the range of $25-30 million.
Midas Hygiene sells consumer products for pest control and home care, under brands like Laxmanrekhaa, Khatnil and Sanipic. The company sells products across the country through a traditional retail model supported by long-standing channel partners and over 200 people in its sales force, according to the release.
This is the fourth investment by Jashvik Capital from its maiden fund, which has a target corpus of $350 million. The healthcare and consumer-focused firm has in the past made investments in Bharuch-based Jabsons Foods and Bengaluru-based Futura Surgicare. Mint reported last month that the company had acquired a majority stake in Hyderabad-based eye care chain Smart Vision Eye Specialities Pvt. Ltd.
“Midas Hygiene has been built with the passion and vision of my late father, the hard work, loyalty and perseverance of our employees and channel partners, and the love and commitment of our consumers. We are very thankful for this and equally excited about what the future holds for the company and our brands,” company’s promoter Pranay Kapoor said. “Jashvik Capital has a long history and deep capability in consumer branded products and we strongly believe that with their investment, the company will scale to greater heights. I look forward to this partnership between Midas and Jashvik,” he added.
Naresh Patwari, founder and managing partner of Jashvik Capital, said demand for products in pest control and home care categories is growing. “We have been impressed by the strength of their brands, and the quality of [Midas Hygiene’s] team, vendors and channel partners.We hope to leverage these strengths to address consumer needs in innovative ways and to grow the company both organically and inorganically,” he added.
“Urbanization, increase in home ownership and a heightened awareness and sensitivity towards personal health and hygiene is driving demand-side growth of 10-20% across many of the sub-categories in pest control and home care where Midas Hygiene’s brands operate,” he said.
Both the companies pegged the pest control market in India at about $1 billion and home care category at about $10 billion.