Private equity firm Warburg Pincus has taken a majority stake in Ebco Private Limited, a manufacturer of furniture fittings and architectural hardware. Although specific details of the transaction were not disclosed, sources indicated that the promoters of Ebco were considering the sale of up to a 74% stake in the Mumbai-based company, valued at approximately Rs 3,500 crore.
The ownership of Ebco includes Geoffrey Nagpal, Ashley Nagpal, and others. Despite the sale, the promoters will maintain a significant minority share and continue to play an active role in the company’s growth.
Mumbai-based investment bank Avendus Capital served as the exclusive financial advisor for the transaction. Geoffrey Nagpal, Managing Director of Ebco, expressed his pride in the company’s transformation over the past six decades, crediting the efforts of key figures such as Ashley Nagpal, Rajesh Nair, and Nishant Nagpal in establishing Ebco as a trusted brand in its sector. He also highlighted the partnership with Warburg Pincus as a pivotal moment in the company’s continued growth.
Founded in 1963 as a tool maker, Ebco expanded into furniture hardware in 1987. The company now offers over 4,500 products through more than 5,500 retail outlets, manufacturing bed and wardrobe fittings, kitchen systems, and office furniture fittings across three plants in Maharashtra.
Warburg Pincus sees substantial growth potential in the Indian furniture fittings and architectural hardware industry, driven by factors such as favorable demographics, increasing demand for real estate, the rise of modular furniture, and growing home renovations. The firm believes that Ebco, with its reputation for innovation and quality, is well-positioned to capitalize on these opportunities.
In a related development, Warburg Pincus recently acquired Vistaar Finance, a non-banking financial company that focuses on lending to micro, small, and medium enterprises in India. Following this acquisition, Avijit Saha, a former ICICI banker with over 30 years of experience in various banking sectors, was appointed CEO of Vistaar Finance.
