Story so far

STATUS : PAST INVESTMENT

Sterling Holiday Resorts was backed by the team through a significant and controlling equity stake in the Company. Sterling was founded by Mr. R. Subramanian in 1986 as a private limited company in Chennai, India. Over the years, Sterling pioneered the Vacation Ownership sector in India and went public in 1989. The Company was a leading name in the leisure hospitality sector and had an inventory of 1500+ rooms spread across 21 resorts in 18 scenic locations in India (2014).

The investors received an exit through a strategic secondary sale in 2013-14 to Thomas Cook India Ltd (“TCIL”), a company owned by Fairfax Corporation. The company dealt in travel and travel finance related business. TCIL’s footprint extended to over 235 locations in about 100 cities across India, Mauritius and Sri Lanka. The team stitched together a complex transaction requiring multiple corporate actions to bring out the best results from the proposed merger. The transaction entailed a step by step integration of the business operations of Sterling Holidays into Thomas Cook Group. This deal involved a cash consideration for the shareholders of Sterling (by way of secondary sale), primary infusion of capital into Sterling, mandatory open offer and then a composite scheme of demerger and merger.

“*Team track record from Bay Capital, a PE manager co-founded by Vishal Ootam”