KKR & Co Inc. (NYSE: KKR) disclosed that it has inked an agreement with Vini Cosmetics. As per the agreement, the Founder Group of the firm, which is headed by Darshan Patel, Chairman & Joint-Managing Director, and Dipam Patel, Joint-Managing Director and Sequoia Capital will dump a majority stake in the firm to KKR for nearly US$625 million (INR46 billion).
It has been disclosed that the co-founders will continue to own a significant stake in Vini and partnered with KKR in the next phase of the growth of the firm. Additionally, existing investor WestBridge Capital will buy a further stake from the Founder Group to boost its stake in Vini.
Furthermore, as per the agreement, the Co-Founders and WestBridge Capital will continue to own a significant position in Vini after the execution of the deal. Darshan Patel will serve as the Chairman of Vini’s Board and Dipam Patel will be chosen as Vice Chairman of the Board. Darshan Patel is of the view that Vini has experienced incredible growth over the last 11 years.
He added that there is no doubt that presently the firm is in the early stages of what its brands can offer. Currently, consumer demand for high-quality personal care products continues to burst in India. On the other hand, KKR is of the view that Vini has managed to increase its reputation as one of the fastest-growing personal care firm in India, and the strong consumer brand devotion for FOGG and its other personal care products is truly remarkable.
KKR is investing in Vini by utilizing Asian Fund IV. The investment of KKR in Vini develops on its long successful history of investing in India, where it has pledged nearly US$5.7 billion of equity through its private equity strategy since 2006.