KKR, a global investment firm, and Vini Cosmetics, a branded personal care and beauty products company, have announced the signing of a definitive agreement to sell a majority stake in the company to KKR for approximately $625 million.
The co-founders 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.
Darshan Patel, chairman and joint-managing director of Vini Cosmetics said, “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. KKR has a proven track record of investing in the growth of some of India’s most innovative and disruptive homegrown champions, as well as in leading consumer and personal care companies globally. We 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.”
Gaurav Trehan, partner at KKR, said, “Vini has established itself as one of the fastest-growing personal care companies in India, and the strong consumer brand loyalty for FOGG and its other personal care products is truly impressive. Darshan and Dipam are industry pioneers, and we are excited to work with them and their team to capture new growth opportunities stemming from a young, emerging middle-class that increasingly seeks upgraded products. Our investment in Vini also underscores KKR’s long-term commitment to support India’s innovative and dynamic companies as they become leaders in their industries.”