Private equity firm Carlyle Group on Tuesday said that it acquired a majority stake in Indian beauty care and wellness solutions provider VLCC.
The funds for transactions, estimated at $300 million, will come from entities affiliated with Carlyle Asia Partners, according to reports.
The PE firm has already invested over $5.5 billion in over 40 equity transactions in India as of September 30, 2022.
VLCC founders, Vandana Luthra and Mukesh Luthra, will continue to hold significant stake in the company, Carlyle said, without sharing further details.
Founded in 1989, the skincare and beauty product brand has a network of 210 retail clinics in 118 cities across 11 countries in South Asia, West Asia and Africa.
KPMG India was the adviser to VLCC and its founders.
Amit Jain, managing director and co-head of Carlyle India Advisors, said the company is excited to invest in and support the growth of VLCC, a homegrown and trusted Indian brand with high brand salience.
“We plan to help VLCC accelerate growth through investments in brand-building, product expansion, scaling its pan-India digital and e-commerce distribution channels, and expanding its local footprint of retail clinics,” Jain said.
Vandana Luthra, founder, VLCC, said, “We believe VLCC is well-positioned to capture a larger share of the fast-growing skincare, beauty and wellness market in the countries we operate in. We are delighted to have found in Carlyle a partner who shares our vision and plans for taking VLCC to its next level of growth.”
VLCC will be appointing Gurveen Singh and J Suresh as independent directors to the board. Singh retired as the chief human resources officer at Reckitt Benckiser and brings with her over 40 years of experience in talent development and HR solutions, the company said.
“Suresh, who recently retired as the managing director and CEO of Arvind Fashions, and had started his career with Hindustan Unilever, brings to the team over four decades of experience in the consumer and retail sector,” the company added.
VLCC Health Care operates VLCC-branded wellness and beauty clinics and VLCC-branded institutes for skill development in beauty and nutrition. It also manufactures and sells VLCC-branded personal care products.