True North Private Credit Invests INR 360 Cr in Innova Rubbers and Vee Tee Auto Altamount Capital Management served as the strategic advisor to the promoters for this transaction.
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True North Private Credit has made a strategic investment of INR 360 crore in Innova Rubbers Private Limited and Vee Tee Auto Manufacturing Company Private Limited.
The funds will be utilised to consolidate the promoters' stake and strengthen control, setting the stage for future growth of both firms.
Innova Rubbers, established in 1969 by the Ambardekar, Mekal and Bakshi families, is a leading manufacturer of automotive rubber-moulded and rubber-to-metal bonded NVH (noise, vibration and harshness) products. The company has built strong relationships with several original equipment manufacturers over decades of operations.
Vee Tee Auto, founded in 1988 by the same promoter families, specialises in aftermarket trading of automotive components such as suspension parts, oils, filters, and brake parts for two-, three- and four-wheelers. It also produces steering components for tractors, supplied directly to OEMs.
Altamount Capital Management served as the strategic advisor to the promoters for this transaction.
Kapil Singhal, Managing Partner of True North Private Credit, said, "Our focus remains on partnering with quality entrepreneurs and well-governed businesses that have exceptional management teams and strong growth potential. The founders' trust in the True North brand and our collaborative approach contributed to the successful completion of this transaction."
Founded in 1999, True North is an Indian private equity firm that focuses on transforming mid-sized businesses into large, sustainable enterprises. The firm said that it manages six private equity funds with a combined corpus of around USD 3 billion and entered the private credit space in 2022. Its Performing Credit Regular Income Fund has raised over INR 2000 crore and completed 23 investments with multiple successful exits. Over the past 25 years, True North claims to have supported more than 75 businesses across sectors including manufacturing, healthcare, consumer and technology.
