Malaysia-based Navis Capital Partners has picked up a majority stake in automobile-decal and graphics-designer Classic Stripes (CSPL) for almost $100 million, said a person familiar with the development.
Classic Stripes, a part of Astarc Group, is headquartered in Mumbai and has four manufacturing facilities in the country with a total production capacity of over 13 million automotive graphic-sets a year.
The stake sale will help CSPL raise funds for future expansion, including increasing existing production capacity, the person said. “Even as the company has divested majority stake, the existing management will continue,” he added. However, emails sent to both Classic Stripes and Navis Capital Partners spokespersons did not elicit any response.
Source: Economic Times