Mumbai: In a unique deal, Classic Stripes Private Limited, the founding shareholder (CSPL) of the auto parts maker, regained control of the company from the private equity investors who sold a majority stake in it five years ago.

Musale is headquartered in Mumbai The family, with the support of Kohlberg Kravis Roberts Co. (KKR), repurchased 51% of the shares acquired in 2011 for Rs 20 crore from Navis, owned by Rs 100 crore Capital Partners (NCP). An additional Rs 16 crore has also been provided to settle short-term liabilities. Asia-focused NCPP has invested $110 million (about Rs 4.5 billion) in the company and will monetize it through its Indian operations, but will retain the company’s overseas operations, people familiar with the matter said.

Founded in 1987 by Kishore Musale, the first generation entrepreneur, CSPL is the world’s largest manufacturer of automotive graphics with an annual production capacity of more than 1.5 lakh One lakh automotive graphic kits.The OEM decals have a market share of more than 60% in India. The company enjoys single-source status for a wide range of market-leading models with its end-to-end solution capabilities. CSPL customers including Heroro, major OEMs such as Bajaj, Yamaha, Suzuki, John Deere, Continental, Tata Motors, Mahindra Mahindra and others.

CSPL is Astarc Some of the groups have diversified business interests in Infrastructure, Automotive and Electronics Solutions, Dairy and Agriculture, Retail Display Solutions, Automotive and Ports sectors and support various philanthropic activities.

o3 Capital acted as the sole financial advisor to the Musale family and AZB Partners acted as legal counsel.

Navis is very grateful for the support we For the support we have received as a partner. For Classic we at Stripes are very excited about the future, and KKR is committed to sharing our interest in developing Stripes vision for Classic. “They decided to support us in this process,” they said Kish Musale, Chairman of Astarc Group.

In India, promoters often buy back shares from private equity investors, but promoters rarely buy back controlling shares from financial investors.

Relations between the two countries have been chilly in recent years. Musale resigned as managing director of the company in 2014, accusing Navis Capital of overreach and mismanagement. Navis reportedly fired key employees and appointed a new CEO, which was rejected by the majority of the company’s workforce, leading to serious labor unrest at the company’s facilities. This also led to the firing of Clasic Stripes Pandurang Choughule. ET had reported in October 2014 on the fight between the company’s majority shareholders.