​CX Partners, CLSA arm vie for Techfront stake

MUMBAI: A private equity arm of CLSA and former Citigroup veteran Ajay Relan-led CX Partners are in the reckoning to buy a $33 million (Rs 175 crore) stake in Technology Frontiers, or Techfront, an instadia sports management company involved with events like the English Premier League football and Formula-1 racing.The investment deal will involve issuance of fresh shares and sale by some existing investors, valuing the Chennai-based company at over $100 million, said people briefed on the matter.India-focused private equity firm Avigo Capital has a 37% stake in the firm while a group of ultra high networth individuals (HNIs) owns a large block in Techfront. Promoter M S Muralidharan holds 40% in the company. When contacted by TOI, he said in an emailed response that he could not confirm the development as the deal had not been finalized while Avigo Capital declined to comment on the story. Techfront provides digital display systems, interactive solutions, instadia lighting for sporting events and has partnerships with cricket administrators across the world, including International Cricket Council (ICC).The company holds instadia rights for EPL teams, including Swansea and QPR, deriving 65% of its overall turnover from its global business. It competes with global majors like Daktronics, combining India’s software prowess with China’s hardware might. A source, who did not want to be named, said both CLSA Capital Partners and CX Partners have issued termsheets , a non-binding agreement of terms and conditions in any deal-making , ahead of due diligence work. CLSA Capital Partners manages assets worth over $2.6 billion across Asia Pacific markets, and is part of the eponymous brokerage and investment group.