NSR Acquires Rolex Ring Stake
New Silk Route, a U.S. private equity investment fund, has acquired a 26% ownership position in India's Rolex Rings Ltd. (privately held).
New Silk Route is a private equity investment fund, focusing in Asia with a particular emphasis (70%) on opportunities in India. NSR has an all-star team running its recently-accumulated $1.5 billion fund. The group is led by former McKinsey & Co. head Rajat Gupta, and includes VC guru Parag Saxena (also CEO of Vedanta Capital).
Founded in 1975, Rolex Rings has grown to become a major manufacturer of inner and outer rings and hub assembly component forgings to bearing manufacturers worldwide.
The investment in Rolex Rings is rumored to be approximately $40 million, valuing Rolex at nearly $155 million. NSR said Rolex, "has got a certain growth trajectory. Our investment is based on the company's future prospects.
Rolex is in the midst of a major expansion push, expecting to double sales in the near future. Reportedly, the company is now adding high-speed roll forming equipment to boost output of 15mm - 76mm rings by at least 13,000 rings per hour. Another high-speed hot forming machine is reportedly on order, for additional capacity in the 90mm - 180mm range. Existing equipment, primarily producing in the 20mm - 105mm range, is being modernized. Rings up to 400mm are also available, produced on profiled ring rolling equipment.
Rolex also produces finish machined forgings for wheel bearing hub assembly units. In the past year, the company added 25 more CNCs to machine and drill hub forgings; the hub program includes 25 new CNCs by the end of 2007.
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