Carlyle Group announced that it has acquired a majority stake in VLCC, a beauty care and wellness solutions provider in India.
Carlyle Asia Partners said in a statement that the transaction’s equity will come from funds managed and advised by entities affiliated with the firm. No financial terms were disclosed.
VLCC founders Vandana Luthra and Mukesh Luthra will retain a significant stake in the company, said Carlyle. However, it did not disclose any further details on the transaction.
The skincare and beauty product brand, founded in 1989, has a network of 210 retail clinics in 118 cities across 11 countries in South Asia, the Middle East, and Africa.
According to the company, Carlyle has invested more than $5.5 billion in over 40 transactions in India as of September 30, 2022.
VLCC and its founders were advised by KPMG India for this transaction.
Carlyle sees this as an opportunity as post-COVID, India’s beauty and personal care market has grown significantly.
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