Global investment firm KKR will buy a majority stake in Vini Cosmetics for about $625 million (\u20b94,600 crore)<\/p>\n
KKR and Vini Cosmetics signed an agreement under which Vini\u2019s founder group \u2013 led by Darshan Patel, chairman and joint MD and Dipam Patel, joint MD \u2013 and Sequoia Capital would sell stakes in the company.<\/p>\n
The co-founders would continue to hold a significant stake in Vini and collaborate with KKR in the next phase of its growth. <\/p>\n
In addition, existing investor WestBridge Capital would acquire further stake from the founder group to increase its shareholding in Vini. Vini manufactures, markets and distributes deodorants, cosmetics and toiletries under its FOGG, OSSUM and GlamUp brands.<\/p>\n
Vini has built one of India\u2019s 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. Its products are also sold in 50 countries, with significant presence in South Asia and Middle East.<\/p>\n
Upon completion of the transaction in July, the Co-Founders and WestBridge Capital will continue to hold a significant position in Vini. Mr. Darshan Patel would continue as the chairman and Dipam Patel would be the vice-chairman.<\/p>\n
\u201cWe 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,\u201d said Mr. Darshan Patel said.<\/p>\n
\u201cOur investment underscores our long-term commitment to support India\u2019s innovative firms,\u201d Gaurav Trehan, partner, KKR, said.<\/p>\n