PE Fund Investments
Carlyle picks up majority stake in beauty platform VLCC for $300-M
Press Release MoneyControl Reuters
Private Equity firm Carlyle - via Carlyle Asia Partners - has acquired a majority stake in New Delhi-headquartered skincare and beauty platform VLCC. KPMG India acted as the exclusive transaction advisor to VLCC and the founders. The deal value is estimated to be about USD 300 million. Founded in 1989, VLCC has a network of 210 retail clinics in 118 cities across 11 countries in South Asia, the Middle East and Africa. Founders Vandana Luthra and Mukesh Luthra will continue to hold a significant stake in the company. VLCC will appoint Gurveen Singh and J Suresh as independent directors to the board. Singh had earlier retired as the chief human resources officer at Reckitt Benckiser, while Suresh recently retired as the managing director and CEO of Arvind Fashions.
From the Venture Intelligence PE-VC Deal Database: In Dec-2006, VLCC had raised over USD 11 M from Everstone for a minority stake. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) From the Venture Intelligence Private Company Financials Database: VLCC had reported about INR 643 Cr in Operating Income and PAT of about INR 8.7 Cr for FY 22. (Subscribers to the database can login to view the detailed financials.)
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