Private equity firm Convergent Finance LLP (1) has announced that it is investing up to $23.3 million in the vertically integrated firm, Camlin Fine Sciences Ltd (2), involved in the manufacturing of antioxidants & aroma chemicals supplied to the food industry globally on Thursday.

Convergent Finance, launched by the former Fairfax India executive Harsha Raghavan, will be acquiring around 22.65% stake in the Mumbai-based firm Camlin through its entity Infinity Investment Management.

Harsha Raghavan, the Managing Partner at Convergent Finance, said,

“Given our track record of working with great platform companies to help transform them into global leaders, Camlin will benefit from our network of relationships, strategic insights, and operational expertise.”

Camlin, holding over 30 years of experience, claims to serve customers in over 80 countries across the world with more than 100 products and 1,000+ happy and satisfied customers. The Mumbai-based company engages in research development, manufacturing, and marketing of specialty chemicals and blends used for multiple applications in the food industry and beyond.

Investment to bring extraordinary transformation within Camlin

Ashish Dandekar, MD at Camlin, stated that the funding made by Convergent Finance is a vote of endorsement for the company and a reflection of the extraordinary transformation that will take place within the company.

Dandekar added,

“Given our M&A oriented strategy, this investment and the partnership that it brings with Convergent will enable us to leverage Convergent’s deep global expertise and relationships while benefiting from their strategic guidance.”

In June beginning, Convergent also fueled $14.1 million in Jyoti International Foods Pvt. Ltd., the supply chain solution provider for the food services industry in India. The private equity firm also invested $22 million in contract manufacturer for PepsiCo’s Kurkure brand of snacks, Hindustan Foods Ltd.

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