Date:18/10/2006 URL: http://www.thehindu.com/2006/10/18/stories/2006101800702000.htm

Business

Garnett buys major stake in Celunite

Special Correspondent

BANGALORE: Private equity firm Garnett & Helfrich Capital has acquired a controlling stake in a privately held U.S. company Celunite, which provides Linux-based open mobile platform software and services for the mobile industry, with development centres in Hyderabad and Pune. The terms of the deal were not disclosed.

Garnett & Helfrich has also started India operations by opening an office in Mumbai with the goal of supporting its portfolio companies in the region and identifying new acquisition targets for its $350-million fund. "India is a hub of technology innovation and talent.

Thus it is critical that we continue to expand our portfolio companies' presence in the region by helping them build partnerships, recruit local talent and identify and evaluate acquisition targets,'' Terry Garnett, Managing Director, Garnett & Helfrich, told reporters here on Tuesday.

He said the firm was in the process of raising a fresh $850 million fund that would be targeted around the same strategies.