Carlyle is set to acquire VLCC Healthcare, a homegrown wellness, beauty, and personal care company, making a significant investment in a fast-growing and trending sector that has recently seen the rise of several young, direct-to-consumer brands.
According to media reports, The Carlyle Group intends to acquire a 60-70 per cent stake in the company for approximately Rs 2,000-2,500 crore ($250-300 million) via a primary infusion as well as a secondary purchase of shares from the founding Luthra family.
Mukesh and Vandana Luthra own 95% of VLCC, with the remaining 5% owned by employees and others. According to media reports, Carlyle will form a new management team, but Luthras will remain involved.
The company, which began in New Delhi, now has operations in 13 countries, with factories in Haridwar, Assam, and Singapore. Its operations are managed directly in Singapore, Thailand, Kuwait, Qatar, Kenya, Bahrain, Sri Lanka, Bangladesh, and Nepal. In late 2019, it formed a strategic partnership with the Thailand-based Minor Hotels group to establish healthcare, wellness, and beauty clinics throughout Southeast Asia.
Wellscience and Vanity Cube, which operate in the nutraceuticals and on-demand beauty services industries, are two of the company’s acquisitions.
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