Neo Group invests USD 20 million in Nobel Hygiene

Mumbai, May 15 (PTI) Private equity fund Neo Asset Management on Thursday announced a USD 20 million (about Rs 170 crore) investment in adult diaper maker Nobel Hygiene for an undisclosed stake.

The funding is a combination of fresh share issuance and secondary investments. The company will use the money to expand distribution, market penetration of its adult diapers and investments in brands, according to a statement.

The company, which intends to launch an initial public offering, had raised money from Quadria Capital and Sixth Sense Ventures.

Neo Asset Management currently manages over Rs 11,000 crore of alternative assets, offering investment solutions across private equity, private credit and real assets to ultra-high net-worth individuals, family offices and institutions.

Neo's head of private equity Nitin Agarwal said the company's flagship brand, Friends, has set industry benchmarks and also played a vital role in reducing the stigma associated with elder care.

"I am quite confident that together, Neo and Nobel will be able to create great value for all stakeholders in the future," he added.

The investment by Neo Group is a reinforcement of our commitment to lead and grow the adult diaper category in India, said Nobel Hygiene's promoter and managing director Kamal Johari. PTI AA SHW