Storage and supply chain services provider LEAP India, which counts private equity firm KKR as its majority investor, said Wednesday it has acquired CHEP India Pvt. Ltd (CIPL), a firm which also operates in the supply chain industry.
The company, however, didn’t disclose the financial terms of the transaction.
The acquisition includes the transfer of CIPL’s assets, customer base and team to LEAP India, the company said in a release.
CIPL’s asset-pooling expertise and shared-use platform will integrate with LEAP India’s platform to expand services across FMCG, automotive, retail, and e-commerce sectors.
"By merging our expertise and resources, we will drive sustainable growth, enhance customer experience, and set new benchmarks in the industry. We are building resilient, customer-centric supply chain solutions ready to meet tomorrow's challenges," said Sunu Mathew, managing director and founder at LEAP India.
This acquisition provides new opportunities for innovation, expanded customer touchpoints, and a greater commitment to sustainability, all backed by a talented team and robust infrastructure, the company said.
LEAP India, comprising TARON Material Handling Equipments as a subsidiary and the newly acquired CIPL, now operates 33 warehouses. It claims to have more than 11 million assets, over 6,000 customer touchpoints, and a team of more than 3,000 people.
The acquisition comes on the heels of LEAP India raising fresh capital in a funding round led by KKR, which owns a majority stake in the company. It was in the process of raising Rs 535 crore from KKR, Sixth Sense Ventures, First Bridge, Madhurima International, Niveshaay Sambhav Fund and few angel investors.
Founded in 2013 by Sunu Mathew, LEAP India specializes in packaging solutions that improve the storage and movement of products across supply chains. It currently operates 22 warehouses, nine manufacturing units, and claims to have a presence in 2,500 locations. It operates across multiple industries from FMCG to ecommerce.
EY & Anagram Partners acted as LEAP's advisors on the transaction.