Each of the 2008 deals had a different rationale, notes Jagannadham Thunuguntla, head of equity at Nexgen, citing the example of Dawnay Day AV, which sold out fully to New Silk Route Advisors for $50 million. “The banking and financial services firm could not survive (as) 2008 was a bad year to be in financial services. Under such circumstances, the promoters had to sell out,” he notes. Meanwhile, Future Capital Holdings Ltd acquired Centrum Direct Ltd for $18.75 million and Centrum Wealth Managers Ltd for $6.25 million for strategic reasons, as taking over a smaller player made more sense for the company than starting a firm on their own, says Thunuguntla.

1. BUYOUT DEALS IN 2008
Thirteen buyout transactions took place in the year, up from 11 in 2007.
Stake Investment value
Sector Investor/ Company invested in (%) ($ million)
New Silk Route Advisors 100 50
Dawnay Day AV
Future Capital Holdings 50.1 18.75
Centrum Direct Ltd
Future Capital Holdings 50.1 6.25
Centrum Wealth Managers Ltd
iLabs Capital 60 NA
Lehren Entertainment Pvt. Ltd
Lehman Brothers real estate partners 50 185
Unitech (Western Expressway Project in Mumbai)
Eredene Capital 10.5
Apeejay Infralogisitics Pvt. Ltd
50
Merrill Lynch
Salarpuria Group’s five-star hotel project SPV 50 NA
Indus Capital Partners 26.5
Uppal Group (Greater Noida SEZ) 50
RFCL Ltd (an ICICI Venture company) NA
Alved Pharma and Foods Pvt. Ltd 100
RFCL Ltd (an ICICI Venture company) NA
Medical diagnostic business of Godrej Industries Ltd 100
Kotak Mahindra Bank NA
Ahmedabad Commodity Exchange (ACE) 51
Undisclosed investor NA
GVK Aviation Pvt. Ltd 63
Navis 16.59
Sah Petroleum Ltd 60
Sector:  Banking & financial services  Media, entertainment & publishing
 Real estate & infrastructure management  Pharma, health care & biotech
 Commodity exchange  Aviation  Oil & gas
Source: Nexgen Capitals