Blackstone has reportedly completed its exit from Indian automotive systems and components maker Sona Comstar while Kedaara Capital has acquired a majority stake in Oliva Skin and Hair Clinics.

Kedaara picks majority stake in Oliva

Indian private equity firm Kedaara Capital has acquired a majority stake in Oliva Skin and Hair Clinics, according to a release.

The transaction provided an exit to Indian healthcare private equity firm InvAscent, which invested in the company in 2014.

Founded in 2009 Oliva Skin & Hair Clinic provides cosmetic dermatology services for a range of skin and hair care concerns. The company has 23 dermatology clinics in seven major Indian cities.

“Kedaara, with its operational expertise and experience in healthcare, will support Oliva in the next step of its growth journey and in realising its vision of becoming the most trusted brand for world-class medico-aesthetic dermatology services in India,” said Ashutosh Sardesai, Director at Kedaara Capital.

This is Kedaara Capital’s third investment in the single specialty healthcare segment. The firm acquired a significant minority stake in the Indian IVF chain Oasis Fertility last year.

Its other investments include beauty retailer and unicorn purplle.com, diagnostics chain Vijaya Diagnostics and health insurance company CARE Health.

Blackstone exits Sona Comstar

Blackstone has completed its exit from  Sona Comstar by selling the balance 20.5% stake it held in the Indian automotive systems and components maker, The Financial Express reported.

The open market deal is worth about $640 million, Livemint reported.

Founded in 1995 as Sona Okegawa Precision Forgings – a 75:25 JV between the Sona Group and Mitsubishi Materials – the company rebranded as Sona Comstar in 2019. The company was listed on Indian Stock Exchanges in 2021.

Sona Comstar has nine plants across India, China, Mexico, and the US. The company is engaged in designing, manufacturing, and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs across all vehicle categories.