Approach
How we operate
We evaluate opportunities with an operator's lens. Financial engineering cannot replace operational discipline. Here is exactly what we look for in our partners.
// Target Characteristics
Company profile
// Profile 01
Ownership Structure
- [+] Family-owned or closely held
- [+] Founder-led (or ready for handover)
- [+] Majority stake available
// Profile 02
Financial Profile
- [+] Positive EBITDA — a profitable foundation, not a turnaround
- [+] Mid-market: too large for local buyers, too small for global private equity
- [+] Visible room to grow with capital, systems and new markets
// Profile 03
Operational Profile
- [+] India-based manufacturing
- [+] Tier 2/3 cities preferred
- [+] Asset-heavy operations
// DEAL BREAKERS
What We Don't Do
- [X] Turnarounds or distressed situations
- [X] Commodity products with no differentiation
- [X] Significant environmental liabilities
- [X] Businesses dependent on a single customer
- [X] Venture-stage or pre-revenue companies
// Target Domain
Specialty Chemicals — our only sector
Fine and performance chemicals, intermediates, and bio-based/renewable-feedstock products. We do not invest outside specialty chemicals.
Why this sector?
- [+] Global buyers are diversifying their supply beyond China Source Bain, From China to Trouble? (2025)
- [+] Fragmented and founder-owned — room to professionalise and consolidate over time
- [+] Process-intensive — operational excellence is a real, durable moat
- [+] Export-readiness is winnable — meeting EU/US safety and registration standards (e.g. REACH) turns a domestic supplier into a global one; specialty is already India's only net-exporter chemical segment Source McKinsey