According to an announcement made on Tuesday, private equity firm Warburg Pincus has purchased a majority share in bathroom fittings manufacturer Watertec India.
While the company did not reveal the financial parameters of the sale, ET claimed that Watertec will be valued at $450 million. According to ET, Warburg Pincus and domestic private equity firm Kedaara Capital were in separate talks to buy a stake in Watertec India.
Watertec, founded in 1996, manufactures a variety of bathroom fittings such as taps, showers, mixers, health taps, bathroom accessories, pipelines, and sanitaryware. In India, other players in the same market include Kohler, Jaquar, Cera, Roca, Johnson, Duravit, and Hindware.
Bath fittings is an appealing market poised for strong growth, driven by secular tailwinds from increasing sanitation levels and housing penetration in India’s tier 2/3 cities, spurring greater demand for bath and sanitary ware and the penetration of polymer-based products offering better durability,” said Anish Saraf, managing director of Warburg Pincus India.
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