THE WHAT? Global investment firm KKR has acquired a controlling stake in Indian beauty company Vini Cosmetics in an investment deal worth US$625 million.
THE DETAILS Co-Founders Darshan Patel, Chairman & Joint-Managing Director, and Dipam Patel, Joint-Managing Director – alongside Sequoia Capital – will continue to hold a ‘significant’ stake in the company, and is set to collaborate with KKR on the next stage of Vini’s growth.
On completion of the transaction Darshan Patel will continue as Chairman of the board, while Dipam Patel will be appointed as Vice Chairman of the board.
THE WHY? Talking about the cosmetic manufacturer’s potential thanks to KKR’s involvement, Patel said, “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.
“KKR has a proven track record of investing in the growth of some of India’s most innovative and disruptive homegrown champions, as well as in leading consumer and personal care companies globally. We look forward to leveraging their global platform, resources and operational expertise to take Vini to the next level by expanding our e-commerce platform, growing new product categories, and broadening our distribution networks.”