Advent International picks advisors for key Bharat Serum, Manjushree Technopak

In a strategic move, US private equity giant Advent International has appointed advisors for the significant sale processes of two prominent portfolio companies in India—Bharat Serum & Vaccines and Manjushree Technopak. Multiple industry sources familiar with the matter revealed that the respective advisors for these mega-sale transactions are JP Morgan and Jefferies for Bharat Serum & Vaccines, and Goldman Sachs and Avendus Capital for Manjushree Technopak.

Advent International, boasting $95 billion in assets under management as of March 2023, is a major player in global private equity with a focus on various sectors, including business and financial services, healthcare, industrial, retail, consumer and leisure, and technology.

The first person stated, "Advent has picked JP Morgan and Jefferies for the proposed exit from Bharat Serums & Vaccines." The second person disclosed that in the case of Manjushree Technopak, the joint mandate has been given to Goldman Sachs and Avendus Capital.

All three industry insiders, who spoke on the condition of anonymity, confirmed that both deals are expected to be launched by early to mid-2024. However, when contacted, Advent International, JP Morgan, and Avendus Capital declined to comment. There was no immediate response from Goldman Sachs and Jefferies.

Moneycontrol was the first to report on December 1, 2023, that Advent was exploring strategic options for Manjushree Technopak, a company it entered five years ago. The report suggested that Manjushree Technopak was also considering a possible listing while keeping its options open.

This development follows Moneycontrol's earlier report on Advent's plans to sell a controlling stake and exit Bharat Serums & Vaccines.

Advent International, founded in 1984, has invested in over 410 private equity investments across 42 countries. In addition to Bharat Serums & Vaccines and Manjushree Technopak, Advent's India portfolio includes Suven Pharma, Cohance, KreditBee, Yes Bank, Tredence, Eureka Forbes, Aditya Birla Capital, DFM Foods, Modenik, and Ask Investment Managers.

As of now, both Goldman Sachs and Jefferies are yet to comment on the developments, and this article will be updated accordingly. The deals are anticipated to be closely watched in the financial market, considering the significance of the companies involved and Advent International's substantial global presence.