Apurv Bagri’s Metmin Investment acquires Spykar Denim

The latest media buzz is that non-resident Indian businessman Apurv Bagri’s

Metmin Investment Holdings has bought a controlling 30 percent stake, in Spykar Denim, from private equity firm Avigo Capital. Metmin already holds the stake jointly with Avigo Capital in Spykar Lifestyle. The company was valued at Rs 200-220 crores. Bagri is the President and Chief Executive Officer of London-based Metdist Group of companies, which handles the metal trading business. Raj Kumar Bagri had said to have earned 200 million dollars (over Rs 1,200 crores) by selling a 9.4 percent stake in the London exchange, owned by metal brokerage Metdistin in 2012 to Hong Kong Exchanges and Clearing.

Though Spykar had been denying the news, for the past few years, several companies were speculated to be in talks with Avigo to buy the majority stake in the company. Apart from Future Group, men’s label Blackberrys, Spencer’s Retail, the flagship company of RP-Sanjiv Goenka Group too had joined the race to acquire the biggest domestic denim player. In 2011, Avigo took over the reins from the promoter after roping in its global investor, Metmin Investments, to acquire 30 per cent stake in Spykar by pumping in Rs 30 crores.

As per sources, Aditya Birla Group was also in discussions for acquiring the deal to expand its retail brand portfolio. Apart from these companies, PE funds, Value Fund Advisors and Everstone Capital had also shown their interest in Avigo’s stake.