KKR has picked controlling stake in Vini Cosmetics, a branded personal care and beauty products company in India, for $625 million.
Vini's Founder Group – led by Darshan Patel, Chairman & Joint-Managing Director, and Dipam Patel, Joint-Managing Director – and Sequoia Capital, will continue to hold a significant stake in Vini and collaborate with KKR in the next phase of the company’s growth. In addition, existing investor WestBridge Capital will acquire a further stake from the Founder Group to increase its shareholding in Vini.
Founded in 2010, Vini manufactures, markets and distributes its branded deodorants, cosmetics and toiletries through its flagship brand FOGG and other widely recognized brands, such as OSSUM, GlamUp, and several others.
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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.
Dipam Patel to be Vice Chairman
Darshan Patel will continue as the Chairman of Vini’s Board and Dipam Patel will be appointed as Vice Chairman of the Board. “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 Darshan Patel, Chairman and Joint-Managing Director of Vini Cosmetics. “
KKR is making its investment from its Asian Fund IV. KKR’s investment in Vini builds on its track record of investing in India, where it has committed approximately $5.7 billion of equity through its private equity strategy since 2006. Over the past 12 months, the firm has made several investments in the country, including in JB Chemicals and Pharmaceuticals, a fast-growing branded pharmaceutical products company; Lenskart, a leading omni-channel eyewear retailer; Five Star, a lender to small businesses; Reliance Jio, a next-generation technology platform that provides affordable digital services; and Reliance Retail, an operator of India’s largest, fast-growing and most profitable retail business