engineering company.
As a result of this transaction, Affirma will have completed the divestment of its equity stake in the Company, returning an aggregate Multiple on Invested Capital (MOIC) of 7.5x in Indian rupee and 5.1x in US dollar, stated the press release.
Affirma Capital acquired a 15.5% stake in the Company in August 2012 and exited a partial stake during the IPO in March 2021. Through an open market transaction in December 2022, Affirma Capital sold its remaining stake at an MOIC of 11.5x in INR and 7.5x in USD.
Craftsman is a diversified engineering company engaged in three business segments, namely powertrain and other products for the automotive segment, aluminium products for the automotive segment, and industrial and engineering products segment.
The Company is also the largest player involved in the machining of cylinder blocks and cylinder heads in the intermediate, medium, and heavy commercial vehicles segment, as well as in the construction equipment industry in India.
“The Craftsman team has done a phenomenal job in growing both topline and earnings while improving capital efficiency through multiple cycles,” said Udai Dhawan, Founding Partner and Head of India at Affirma Capital.
“Our decadal partnership with Affirma has been an unbelievably incredible and fruitful journey. I especially
appreciate Affirma’s contribution to navigating one of the most turbulent periods in the world and in helping through the Company’s transformation,” said Srinivasan Ravi, Promoter and Managing Director at Craftsman Automation.
Affirma Capital is an independent emerging market-focused private equity firm established through the
spin-off of Standard Chartered Private Equity (SCPE) from Standard Chartered Group in 2019.
Affirma Capital currently manages $3 billion in assets.
