Advent International, one of the largest and most experienced global private equity investors, has announced that it has agreed to acquire a significant stake in ownership in Dixcy Textiles Pvt. Ltd., a leading innerwear brand in India.
Dixcy’s Founder and Managing Director, Prem Prakash Sikka, will retain a stake in the company and continue as the Chairman following the completion of the transaction, financial terms of which have not been disclosed.
This is Advent’s fourth investment in India since 2015 following its purchase of equity stakes in Crompton Greaves Consumer Electricals, QuEST Global Services and the ASK Group.
Located in Tirupur, Dixcy was founded in 1982 by Mr. Sikka with a vision of creating a strong brand that caters to all segments of the innerwear and hosiery market. Today the company is the exclusive manufacturer and marketer of several leading innerwear brands, including Dixcy Scott, Dixcy Scott UNO, Dixcy Josh and Dixcy & Slimz. The company also sells a premium range of products, including casual wear such as track pants, shorts and polo Tshirts. Additionally, Dixcy has begun to expand internationally by placing its products in stores across the Middle East and Singapore.
Through its network of more than 1,000 distributors, Dixcy supplies products to over 120,000 retail outlets across the country. Employing over 3,500 people it generated sales of Rs. 7.8 billion ($120 million) in fiscal 2017.
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