Private equity firm L Catterton, backed by French luxury group LVMH, has set up an India-focused joint venture partnership with Sanjiv Mehta, former managing director and CEO of Hindustan Unilever (HUL), it said on Thursday. The JV will invest in consumer-sector companies as it increases its India bet.
The firm said that its Asia platform L Catterton Asia (LCA) was “deepening commitment to India” with the formation of the JV with Mehta to develop a new investment vehicle. Mehta will assume the role of executive chairman of the fund in India, effective April 4, 2024, the PE firm said.
Additionally, he will be involved with LCA and the firm’s other global fund platforms more broadly as the PE major looks to tap into his vast consumer goods experience.
“I am particularly excited to join and support L Catterton’s India and Asia team as the firm deepens its commitment to the region,” Mehta said.
Mehta comes to this partnership after over 30 years at Unilever, most recently as president of Unilever South Asia and as head of HUL, India’s largest consumer goods maker, from 2013 to June 2023. In that role, he oversaw a fivefold increase in the market capitalisation of HUL to Rs 6.2 trillion, making it India’s fifth-largest public company, L Catterton said in a statement.
L Catterton manages approximately $35 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Founded in 1989, the firm has made over 275 investments in consumer brands.
“With India now having the world’s largest population and generating high GDP growth, there has never been a better time to deepen our commitment to the market and invest in consumer businesses that will shape the landscape of tomorrow,” L Catterton global co-CEO Michael Chu said.
L Catterton Asia managing partner Scott Chen said with Asia expected to drive more than half of the world’s GDP growth this decade, fuelled by young, technologically enabled consumers, the JV would bring together the firm’s global network and Mehta’s experiences.
“Sanjiv’s experience at Hindustan Unilever…is extremely relevant and valuable. His partnership will deepen our in-market network, insights, and capabilities and we look forward to further growing our franchise in India and throughout Asia,” L Catterton Asia partner and head of India Anjana Sasidharan said.