ICICI Venture, Indivision Acquire 20-Pc In Tops For Rs 175 Cr

ICICI Venture Funds Management, a leading private equity player, and Future group''s private equity arm - Indivision, have together bought around 20% stake in Tops Security, the flagship of the Tops Group, for Rs 175 crore. ICICI Venture has put in Rs 110 crore while Indivision invested Rs 65 crore in the Mumbai-based security service provider.

The deal is the first-ever private equity investment in the company, majority of which is owned by the initial promoters, the Nanda family. Rakesh Jhunjhunwala, a leading investor holds 16% stake in the company.

With a turnover in excess of Rs 260 crore, Tops Group is one of the leading brand in the Indian security industry, and is growing at CAGR of about 50%, compared to the average growth rate of 21% in the domestic security market. Tops Group''s activities span across manned guarding, investigations, cash management services, special security squads for executive protection, event security management, copyright protection, facility management, advanced training, security audits, integration of security equipment and emergency response.