Blackberrys eyes Avigo’s stake in Spykar

Speculations over who would ultimately walk away with Avigo’s stake in Spykar Lifestyle remains unanswered but

according to latest buzz, premium menswear apparel brand, Blackberrys, is said to have joined the race to acquire brand. As per media reports, both Blackberrys and PE Investor Avigo Partners that holds 60 percent stake in the company are in final stages of talks. Spykar founder Prasad Pabrekar holds the remaining 40 percent share in the company.

Though Spykar has been denying the news, for the past few years, several companies were speculated to be in talks with Avigo to buy majority stake in the company. Kishore Biyani’s Future Group, 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 percent 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.

Spykar, established in 1992, is sold through 1,000 multi-brand and 254 exclusive outlets across India. The company clocked annual revenue of Rs 350 crores at retail prices last financial year. Global investment bank, Lincoln International, is advising Avigo to find potential buyers.