Cyril Amarchand Mangaldas advises Sheela Foam on Acquisition of Kurlon Enterprise

July 27, 2023 01:22 PM IST | By Businesswire India
 Cyril Amarchand Mangaldas advises Sheela Foam on Acquisition of Kurlon Enterprise
Image source: Businesswire India
Business Wire India
Cyril Amarchand Mangaldas advised Sheela Foam Limited (Sheela Foam) (owner of the 'Sleepwell' mattress brand) which acquired 94.66% stake in Kurlon Enterprise Limited's (Kurlon) (owner of the 'Kurl-On' mattress brand). Established in 1962 as Karnataka Coir Products, part of South India based Pai family business group, currently headed by Ms. Jyothi Pradhan, Kurlon is in the business of manufacturing and marketing of products across the “Sit and Sleep” solution categories such as mattress, furniture cushions, pillows and coverings. Sheela Foam is a leader in Polyurethane (PU) Foam, and has a nationwide presence in manufacturing, marketing and distribution of PU foam and related products. The acquisition is expected to help Sheela Foam to consolidate the existing fragmented market of mattresses and foam-based products, diversify its customer base and provide it with a robust distribution network.

The General Corporate Practice of Cyril Amarchand Mangaldas advised Sheela Foam on overall transaction, including finalising of the SPA, advising on ancillary transaction documentation, due diligence and related matters. The transaction team was led by Anand Jayachandran, Partner; Pranjita Barman, Partner; with support from Shaleen Tiwari, Senior Associate; and Shravan Belsare, Associate.
 
The legal diligence was led by Pranjita Barman, Partner; and Kriti Bhatia, Partner; along with Shaleen Tiwari, Senior Associate; Abhisht Patibanda, Associate; Ayushi Agarwal, Associate; Shravan Belsare, Associate; Drasti Gala, Associate; and Mohini Parghi, Associate.

Intellectual property, information technology and data privacy related diligence was led by Arun Prabhu, Partner (Head - TMT); and Anirban Mohapatra, Partner; with support from Mahim Sharma, Senior Associate Designate; Soumya Tiwari, Associate; and Anushka Soni, Associate.

Real Estate related diligence was led by Sudhindra Harsha, Partner; with support from Mamtaj Ansari, Senior Consultant; and Manisha KR, Associate.

Employment related diligence was led by Ankita Ray, Partner; with support from Ankita Sharma, Principal Associate; Faiza Khan, Senior Associate; and Himaa Sudhir, Associate.
 
As part of the transaction, Sheela Foam acquired share capital at an equity valuation of INR 2,150 crore, subject to customary adjustments for net working capital, debt, and surplus cash, if any.

The Transaction was signed on 17th July, 2023 and the acquisition is expected to be completed by or before November 30, 2023.

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Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC

"Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium do Kalkine que laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui do Kalkine Media quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui do Kalkine eum fugiat quo voluptas nulla pariatur?"

1914 translation by H. Rackham

"But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?"

1914 translation by H. Rackham

"But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?"

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