Private Equity Fund Investments
Global PE firm KKR acquires controlling stake in Vini Cosmetics for $625-M
The founder group – led by Darshan Patel, Chairman & Joint MD, and Dipam Patel, Joint MD – of Ahmedabad-based branded personal care and beauty products company Vini Cosmetics and existing investor Sequoia Capital India will sell a majority stake in the company to US-headquartered Private Equity firm KKR (via its Asian Fund IV) for about USD 625 million. Another existing investor, WestBridge Capital, is to acquire additional stake from the founder group. Post deal, the co-founders and WestBridge will continue to hold a significant position in Vini. Darshan Patel will continue as Chairman and Dipam Patel will be appointed as Vice Chairman of the board. Shardul Amarchand & Mangaldas acted as legal advisor to the founder group, while Steer Advisors was the transaction advisor. KKR was advised by KPMG, EY, AZB & Partners and STB. Founded in 2010, Vini manufactures, markets and distributes branded deodorants, cosmetics and toiletries through its flagship brand FOGG and other brands such as OSSUM and GlamUp. Vini has built one of India's largest personal care products distribution networks with approximately 700,000 points of sale and 3,000 dealers, supported by a sales force of 1,200 people. Vini's products are also sold internationally through a network of general trade and modern trade channels covering 50 countries, with significant presence in South Asia and the Middle East.
From the Venture Intelligence PE-VC Deal Database: Between Jul-13 and Sep-17, Vini Cosmetics had raised more than INR 1,187 crore from Sequoia Capital India and WestBridge Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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