Global investment firm KKR has invested $625 million for a controlling stake in personal care and beauty company Vini Cosmetics. Vini is known for making the popular deodorant Fogg, and other widely known brands such as OSSUM, GlamUp, and more. Existing investor WestBridge Capital will acquire a further stake in the group to increase its shareholding in Vini.
Sequoia Capital will sell a majority stake in the company to KKR for approximately $625 million. "The co-founders will continue to hold a significant stake in Vini and collaborate with KKR in the next phase of the company's growth," stated Vini Cosmetics.
The investment is part of KKR's Asian Fund IV. The investor has committed $5.7 billion of equity through its private equity strategy since 2006. The firm invested in JB Chemicals and Pharmaceuticals, Lenskart, lender to small businesses Five Star, and Reliance Jio and Reliance Retail in the last 12 months.
"Upon completion of the transaction, the co-founders and WestBridge Capital will continue to hold a significant position in Vini. Darshan Patel will continue as the Chairman of Vini's board and Dipam Patel will be appointed as Vice Chairman of the board," the company said in a statement.
"Vini has experienced remarkable growth over the last 11 years, but we believe we are in the early stages of what our brands can deliver as consumer demand for high-quality personal care products continues to explode in India, South Asia and other fast-growing markets around the world," said Chairman and Joint-Managing Director Darshan Patel, adding that KKR has a proven track record of investing in some of India's most 'innovative and disruptive homegrown champions'.
Gaurav Trehan, Partner at KKR, said, "Vini has established itself as one of the fastest-growing personal care companies in India, and the strong consumer brand loyalty for FOGG and its other personal care products is truly impressive. Darshan and Dipam are industry pioneers, and we are excited to work with them and their team to capture new growth opportunities stemming from a young, emerging middle-class that increasingly seeks upgraded products."
Founded by Darshan Patel and Dipam Patel in 2009, Vini Cosmetics currently has presence across 55 countries.
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