Acquisition to mark Torrent Group’s foray into India’s rapidly growing sports sector
• CVC Funds will continue to own a substantial minority stake in Gujarat Titans
Torrent Group (“Torrent”), a diversified conglomerate having interests in Healthcare and Energy sectors, through its holding company Torrent Investments Private Limited (TIPL), has entered into a definitive agreement to acquire majority stake of 67% in the renowned Indian Premier League (IPL) franchise, Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd (“Irelia”) – currently fully owned by funds managed or advised by CVC. The transaction is subject to customary closing conditions and approvals (including from BCCI).
As part of the deal, Irelia will retain a substantial minority stake of 33% in the franchise. This strategic partnership between one of India’s leading Business Groups and a globally renowned Private Equity firm, is the first of its kind in India’s sports sector and will unlock exciting opportunities for growth and collaboration.
Speaking on the occasion, Jinal Mehta, Director, Torrent Group, said, “It is a matter of great pride for us to welcome Gujarat Titans and millions of its passionate fans into the Torrent Group. As Sports continues to gain prominence in India, Torrent sees great potential in this rapidly growing sector. With the acquisition of a majority stake in the Gujarat Titans, we are excited to have the opportunity to elevate our fan experience and unlock new growth avenues in the years to come. We are committed to nurturing the Gujarat Titans team and creating a lasting legacy for everyone involved – our fanbase, the players and our employees. With a proven track-record of delivering high quality products and services across multiple sectors, Torrent is well-positioned to set new standards of excellence in the Sports industry through the acquisition of Gujarat Titans”.
Siddharth Patel, Managing Partner at CVC, commented: “We are excited to announce this deal, which marks the beginning of a new chapter in India’s most popular sporting event and our team Gujarat Titans. Our participation in Indian Cricket started strongly, securing the Gujarat franchise, winning the IPL title in our first season and emerging as runners up in oursecond season. Amit Soni, Partner at CVC, added, “We are delighted to be able to partner with Torrent, one of the most respected business groups in India. We are now very pleased to welcome the Torrent Group and look forward to unlocking new avenues for growth and development for Gujarat Titans and for the IPL in the years to come”.
Nick Clarry, Managing Partner at CVC, said, “CVC has a long history of investment in sports since our investments in Moto GP and Formula One, and we are extremely proud of how this investment in Gujarat Titans has developed. We particularly want to thank our fans, our management team, our players and the BCCI. Because of them, Gujarat Titans has become a leading franchise on and off the pitch, and together with the support of our wonderful fans, we expect this to accelerate with our new partners, Torrent”.