New Delhi, Feb. 11 -- Homegrown private equity firm Jashvik Capital has acquired a majority stake in Midas Hygiene Industries Pvt. Ltd, which sells branded consumer products for pest control and home care categories under brands such as Laxmanrekhaa, Krazylines, Khatnil, Stainfree and Sanipic.

The company didn't disclose the financial details of the transaction. However, Jashvik Capital usually makes transactions in the range of $20 million to $25 million (Rs 173-217 crore).

"Urbanization, increase in home ownership and a heightened awareness and sensitivity towards personal health and hygiene are driving demand-side growth of 10-20% across many of the sub-categories in pest control and home care where Midas Hygiene's brands operate," said Naresh Patwari, founder and managing partner of Jashvik Capital.

Mumbai-headquartered Midas Hygiene, which late Swadesh Kapoor and his family founded in the 1980s, sells its products across India through the traditional retail model supported by channel partners and over 200 salespeople.

"Jashvik Capital has a long history and deep capability in consumer branded products and we strongly believe that with their investment, the company will scale to greater heights," said Pranay Kapoor, promoter of Midas and son of Swadesh Kapoor.

Midas Hygiene said the pest control category in India is roughly $1 billion in size and the broader home care category is roughly $10 billion in size. Many of the less penetrated categories within this industry grow at 10-20% annually, it added.

Deloitte acted as the exclusive advisor to the company and its promoters.

Jashvik Capital, which was founded by former TA Associates executive Naresh Patwari, is a sector-agnostic PE firm which is raising $350 million in its maiden outing. Its limited partners include the government-backed Self-Reliant Fund (SRI Fund).

Prior to this, Jashvik Capita invested in Bengaluru-based medical products seller Futura Surgicare Pvt. Ltd in its maiden healthcare PE deal. It invested around Rs 210 crore in the company.

In the past, it has backed companies such as healthcare platforms like Dr Lal PathLabs, Metropolis Healthcare, Shilpa Medicare, Indira IVF, as well as consumer-focused companies like Jabsons and TCNS Clothing.

Published by HT Digital Content Services with permission from VC Circle.