Paragon Partners, a leading growth capital focused mid-market private equity fund, has announced its exit in Maini Precision Products Limited (MPPL) subject to regulatory approvals. Maini Precision Products Limited is a Bengaluru-based manufacturer of precision products in Engineering, Automotive, EV, Aerospace and Defense components.
Paragon Partners is amongst the other investors to exit the company as part of the Raymond Group acquisition of 59.25% stake in MPPL for ₹682 crores funded by a mix of debt and internal accruals. Paragon Partners held approximately 27% of MPPL and this exit is a multi-bagger for the Fund.
According to Sumeet Nindrajog, Senior Partner and Co-Founder, Paragon Partners, “We first invested in Maini Precision Products in 2016 when not too many investors were interested in the manufacturing sector. As we exit our investment, we are immensely proud of the journey we’ve shared with this exceptional team. Our partnership has not only created substantial value but has also exemplified the strength of collaborative entrepreneurship and we wish them continued success in their future endeavours. This exit marks a significant milestone for Paragon Partners, reinforcing our commitment to delivering strong returns for our investors.”
Gautam Maini, Managing Director, Maini Precision Products said, “The leadership team of Paragon Partners has played an integral role in our remarkable high-growth phase. We are deeply appreciative of the unwavering support and the substantial value addition that the team at Paragon Partners has provided us. Throughout our partnership, their strategic guidance, financial expertise, and commitment to driving our operational efficiencies have helped propel Maini Precision Products. As we embark on the next chapter of our journey, we remain grateful for the collaborative spirit and profound impact that Paragon Partners has had on our success.”
Paragon Partners has invested in Maini Precision Products in two tranches in the years 2016 and 2019.
MPPL has a diverse business with 11 manufacturing locations in India spanning two verticals: aerospace (precise products for aerospace and defence) and automotive & industrial (precision products for clean internal combustion, engines, fuel injections, and transmissions, electric vehicle components, hydraulics, and industrial, as well as agriculture).