BENGALURU, Jan 10 (Reuters) – Private-equity company Carlyle Group (CG.O) has actually obtained a bulk stake in Indian charm care and health services service provider VLCC for around $300 million, 2 sources informed Reuters on Tuesday. The equity for the deal will originate from funds handled and recommended by entities associated with Carlyle Asia Partners, Carlyle stated in a declaration, without defining an offer worth. A Carlyle representative decreased to comment. VLCC’s online sales – up from 7% of overall sales to 22% in the previous 3 years – would assist the skin care and appeal items brand name get an unique worth proposal, Amit Jain, handling director and co-head of Carlyle India, informed Reuters on Tuesday. “In a congested market, having an unique worth proposal with high item effectiveness and a recognized brand name is extremely important, which’s what VLCC has,” Jain included. Established in 1989, VLCC has a network of 210 retail “centers” in 118 cities throughout 11 nations in South Asia, the Middle East and Africa. Creators Vandana Luthra and Mukesh Luthra will continue to hold a substantial stake in the business, Carlyle stated, without sharing more information. India’s charm and individual care market is anticipated to grow to $27.5 billion by 2025 from $17.8 billion in 2020, according to quotes by Indian monetary services firm Avendus. In December, the moms and dad of Indian individual care items start-up Mamaearth filedfor a going public. KPMG India was the advisor to VLCC and its creators. Reporting by Sriram Mani in Mumbai, Ashish Chandra and Nishit Navin in Bengaluru; Editing by Sohini Goswami and Nivedita Bhattacharjee Our Standards: The Thomson Reuters Trust Principles.
Carlyle purchases bulk stake in India’s VLCC for $300 mln – sources – Reuters
