True North Private Credit leads and makes Strategic INR 360 Cr Investment in Innova Rubbers and Vee Tee Auto

VMPL
Mumbai (Maharashtra) [India], October 29: True North Private Credit announced an investment of INR 360 Cr in Innova Rubbers Private Limited ("Innova") and Vee Tee Auto Manufacturing Company Private Limited ("Vee Tee"). The investment proceeds will be used towards the consolidation of the promoter's stake to enable control and better growth prospects of the two companies.
Innova, founded in 1969 by the Ambardekar, Mekal, and Bakshi families, specialises in designing and manufacturing automotive rubber-moulded and rubber-to-metal bonded NVH (Noise, Vibration & Harshness) products. A long-standing leader in this field, Innova has established deep relationships with OEMs.
Vee Tee Auto, also founded by the three families in 1988, specialises in the aftermarket trading of suspension parts (mountings and bushes), oils, filters, steering components, brake parts, and other auto components for 4W, 2W, and 3W vehicles. It also manufactures steering components for the tractor segment, which are sold directly to OEMs.
Altamount Capital Management acted as the strategic advisor to the promoters for this transaction.
Commenting on the investment, Kapil Singhal, Managing Partner, Private Credit of True North, said, "We are excited to partner with Innova, a company known for its strong research and manufacturing strengths. It is well placed to meet the rising demand for noise and vibration control solutions from original equipment makers. We are also delighted to work with Vee Tee, a leader in the replacement parts market with one of the widest distributor networks in the country. This transaction in particular is among the larger private credit deals in India and is a testament of our team's growing capabilities to deliver transactions of larger sizes to meet different business needs. This Rs. 360 Cr investment was led and structured by True North Private Credit and saw participation from 2 other funds and few larger reputed family offices. Our focus remains on partnering with quality entrepreneurs and well-governed businesses with exceptional management teams and strong growth potential. Our superior engagement and the trust of founders in the True North brand led to a successful closure."
Sameer Ambardekar, Managing Director of Vee Tee Auto, said, "We are excited about our partnership with True North. This has helped consolidate our stake, providing the momentum and focus needed to accelerate our growth in the coming years."
Sachin Ambardekar, Managing Director of Innova Rubbers, added, "This strategic development is an important milestone that will enable us to take the next step in our growth journey, driving best-in-class performance and strengthening our position in the market."
With a focus on long-term value creation, True North Private Credit has consistently expanded its capital deployment, successfully managing larger transactions to support the growth of high-potential businesses.
Notes to Editor
About True North:
Founded in 1999, True North is one of India's most respected home-grown private equity firms with a focus on investing in and transforming mid-sized profitable businesses into large, well-established businesses that are valuable, enduring and socially responsible. In Private Equity, True North has successfully launched six separate investment funds with a combined corpus of ~ USD 3 billion, including co-investments. In 2022 the firm forayed into Private Credit, True North's 'Performing Credit Regular Income Fund' has raised INR 2000+ Cr having completed 23 investments and 11 successful exits and 3 partial exits. True North's deep insights and understanding of India has added value to more than 75 businesses over the last 25 years across sectors such as consumer, financial services, healthcare, technology and manufacturing.
For more details, visit: https://www.truenorth.co.in/
Media contacts:
Chirag Mistry | chiragm@truenorth.co.in
Nitanshi Sharma | nitanshi.sharma@pitchforkpartners.com
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