News Release

Carlyle to Acquire a Strategic Minority Stake in Varmora Granito to Build a Leading Tile and Bathware Platform in India

Carlyle’s partnership to help accelerate Varmora’s investments in product innovation, channel partnerships, brand building, digital marketing and M&A-led consolidation


Mumbai, India, June 28, 2022 – Global investment firm Carlyle (NASDAQ: CG) today announced a strategic partnership with Varmora Granito Pvt Ltd (“Varmora”) through an acquisition of a significant minority stake in the company. Equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners Growth. Terms of the transaction were not disclosed.

Established in 1994, Varmora is a founder-led company and leading and fast-growing tile and bathware brand in India. The company’s comprehensive product portfolio includes premium tiles, faucets and sanitaryware, and its products are sold through a national distribution network that includes over 200 exclusive brand outlets in India and globally. Varmora aims to leverage the strength of the partnership with Carlyle to enhance its investments in brand building and digital marketing, deepen its distribution network, and augment product innovation and capacity.

Carlyle believes a positive outlook for the residential sector, along with rising per capita income in India and product premiumization, provide significant growth opportunities for a branded building materials consumer player such as Varmora.

Amit Jain, Managing Director and Co-Head, Carlyle India Advisors, said: “We are very impressed by the brand salience and consumer pull that Varmora has created. We believe this is driven by a differentiated product portfolio, strong pan-India distribution network and an exceptional management team. We are excited to partner with Bhavesh Varmora, the Varmora brothers and their entrepreneurial team to help accelerate the next phase of the company’s growth journey as a leading consumer-oriented business. We also view Varmora as a platform for consolidation in the fast-growing building materials space.”

Bhavesh Varmora, Chairman, Varmora Granito Pvt. Ltd., said: “We are pleased to announce our partnership with Carlyle. Their business-building approach, trusted partnership mindset and deep global expertise in this space made them our preferred partner in this exclusive transaction. We are very excited and confident about the growth opportunity that lies ahead for Varmora and are looking forward to leveraging Carlyle’s global consumer expertise for executing our value creation initiatives.

Carlyle’s global private equity funds have well-established experience investing in the consumer and retail sectors, with investments in Grand Foods China (McDonald’s China franchisee), Delhivery Ltd and Golden Goose, among others. Globally, Carlyle has invested approximately US$25 billion of equity in over 135 deals in the consumer, media and retail sector, as of March 31, 2022.

Investment bank Steer Advisors served as transaction advisor to Varmora. The transaction is expected to close in Q2 FY23, subject to customary closing conditions.


About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $325 billion of assets under management as of March 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs nearly 1,900 people in 26 offices across five continents. Further information is available at Follow Carlyle on Twitter @OneCarlyle. 

About Varmora

Varmora Granito Pvt. Ltd is a leading India domestic tile and bathware company headquartered in Ahmedabad. The company manufactures and sells tiles, bathware and sanitaryware products under the Varmora brand name through its pan-India distribution network of retailers and exclusive brand outlets. The company was founded in 1994 and is led by Mr. Bhavesh Varmora.


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