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Bain Capital’s $245 mln exit of Hero MotoCorp largest in Q2

The exit by US fund Bain Capital from Indian motorcycle maker Hero MotoCorp was the biggest in the second quarter of 2014, a report by Pricewaterhouse Coopers said.

Bain Capital sold Hero MotoCorp shares worth $245 mln (close to Rs 1,450 cr), making it one of the biggest private equity exits of the year, according to the report PwC MoneyTree.

“Public market sales have become the preferred mode of exit in the second quarter of the year in terms of both value and volume. In 22 deals, the public market has provided exits worth 519 million USD for PE players, a four-fold increase from the previous quarter (117 million USD in nine deals) and a 20% dip while comparing it with the same period last year (647 million USD in 22 deals),” it said.

The second biggest PE exit during the quarter was ChrysCapital exit of Intas Pharmaceuticals, estimated at $170 mln, followed by Fidelity’s sale of its stake in Laurus Labs, estimated at $150 mln.

Goldman Sachs exit of automaker Mahindra & Mahindra for $127 mln and Temasek’s exit of Medreich for $96 mln were alsom among the top five exits of the quarter, according to the report, which incrporated data from Venture Intelligence.

“The top five exits comprised 75% of the total exit value in Q2 ’14,” the report said.

“Public market sales and strategic sales together constituted 80% of the total exit value and 87% of the total volume in this quarter,” the report went on.

private-equity-exits-bain-capital-hero-moto

“Strategic sales have more than doubled in terms of value, at 334 million USD in nine deals as against 153 million USD in six deals in the previous quarter. It has grown threefold vis-à-vis the same period last year (108 million USD in seven deals).”

Secondary sales accounted for 205 million USD in exits from two
deals, almost a sevenfold growth from the last quarter (29 million USD in two deals), but declined by 75% as compared to the same period in 2013 (828 million USD in six deals).

“This quarter did not witness any exits through IPO,” the report said.

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