gita piramal sells furniture co bp ergo

HNI-based companies bought privately held Indian office hotel furniture factory company BP Ergo from business historian Gita Piramal for undisclosed amounts.
The deal also marks the first consultation deal by Rajaf Gupta, former head of Carlyle\'s India acquisition team, who set up his own consulting firm, Arpwood Capital, in early 2011.
Nearly 18 months ago, Gupta teamed up with Raj Kataria, former managing director of Bank of America Merrill Lynch, and Promeet Ghosh to set up the company.
Recently, Ghosh left Arpwood to join Temasek, Singapore\'s sovereign fund, as managing director of India.
The business value of the deal is Rs 200, according to the economic times.
The company was founded in 1992 by Dilip Piramal Group\'s flagship VIP Industries.
The company has factories in Nagpur, Maharashtra, and naragar, Himachal.
According to data from VCCircle\'s financial research platform, VCCEdge, BP Ergo has earned more than Rs 100 a year in the recent period, and even if its net profit margin is under pressure, the company\'s profits have been very small.
Discipline growth has also been under pressure over the past two years3 years.
\"BP Ergo will be a dedicated, Independent
In the split and focused business model of HNI, a separate business with a unique brand status and strategy.
\"The acquisition is expected to have the least impact on 2012 earnings,\" HNI said in the release . \".
HNI is a New York Stock Exchange.
Listed companies that provide products and solutions for families and workplaces.
It is the second largest office furniture manufacturer in the world.
\"BP Ergo\'s strong brand, large customer base and solid manufacturing capabilities provide an opportunity to drive strong growth in one of the world\'s largest and fastest growing office furniture markets in India.
Our entry into India complements our experience and success in China and supports our international strategy for rapid expansion
Economic growth.
This is a great opportunity to take advantage of HNI\'s extensive capabilities and expertise in office furniture, build a strong position in India for BP Ergo, drive the improvement of customer performance and deliver long term service
Long-term earnings growth, \"said Stan Askren, Chairman, President and CEO of HNI. —
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