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Les Concierges Asia welcomes new investors

06-03-2008 01:56 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Les Concierges

Bangalore. India. Les Concierges announced today that Acacia Redwood Partners will acquire a 13.7% interest in the company. Les Concierges offers premier concierge-supported loyalty services and solutions across many global geographies.

Commenting on the transaction, Dipali Sikand, the founder and Managing Director of Les Concierges, said "We are extremely excited about the investment by Acacia, and value their association as our long term partner. We are confident that our two primary outside shareholders - Rare Enterprises and Acacia - provide us with the vision, talent, resources and expertise to create significant value and growth, and provide our customers with the very finest service in the world."

Greg Alexander and Girish Bhakoo of Acacia noted: "We are thrilled to join the Les Concierges family as proud part owners of this outstanding service organization. We look forward to supporting Les Concierges in the company's mission to serve clients and their employees with everything from their daily routines to the most special occasions and events - thereby building loyalty among all. As well, we are excited by Les Concierges' many opportunities to deepen its service to existing clients and to serve others both across India and internationally."

Continuing on the same, Mr. Alexander and Mr. Bhakoo added, "We believe we have found an ideal company in Les Concierges and its dedicated team of owners, managers and employees. Not only are we thrilled by the entrepreneurial zeal of Dipali Sikand and the organizational expertise of George Jacob but we are likewise excited by the sense of passion for service that pervades Les Concierges. As well, we are proud to be joining the lead investor, Rakesh Jhunjhunwala,who is admired by all (including us) as "the Warren Buffett of India". As long-term investors and advisors, we hope to support Les Concierges in whatever way we can to help the company achieve ever higher goals in much the same way as Les Concierges does for its clients and their employees.'

Speaking on the occasion, Mr. Rakesh Junjhunwala added " We are very happy with the performance of Les Concierges. The company has quadrupled its revenues and added on more than 100 new clients in the last year itself. The team at Les Concierges has been steadfastly building a global platform servicing the everyday needs of over 1 million customers across Asia Pacific. The highly charged team at Les Concierges has recently won some large accounts in Europe and are now all set to start its services to this market,

Acacia is part of Ruane, Cunniff & Goldfarb, Inc., which itself is known for its flagship Sequoia Fund in the US. The firm is known for very long-term investments in exceptional companies including its quarter-century long investment in Berkshire Hathaway.

Les Concierges
83 7th Cross 4th B Block Koramangala, Bangalore 560034, Karnataka, India + 91 9845015196

Les Concierges provides enterprise workforce and customer management solutions and services that help companies drive increased profitability.

Our workforce-focused services bring solutions to an entire employee lifecycle - from recruitment to retirement. Our customer-focused services drive behaviors that drive loyalty and profitability. Our solutions are offered on a monthly subscription basis and help corporations effectively maximize productivity, engagement, and satisfaction by applying business discipline to key processes.

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