Bengaluru : Private equity firm Carlyle Group announced Tuesday that it has acquired a majority stake in VLCC, an Indian beauty care and wellness solutions provider.
Capital for the transaction will come from funds managed and advised by affiliates of Carlyle Asia Partners, Carlyle said in a statement, but did not disclose any financial terms.
VLCC founders Vandana Luthra and Mukesh Luthra will continue to hold significant stakes in the company, Carlyle said, though details were not disclosed.
Founded in 1989, the skincare and beauty products brand has a network of 210 retail clinics in 118 cities in 11 countries across South Asia, the Middle East and Africa.
Carlyle has invested over $5.5 billion in more than 40 deals in India as of September 30, 2022, the company said.
KPMG India was an advisor to VLCC and its founders.
Indian beauty and personal care market is heating up after COVID. Last November, a division of Indian petrochemical conglomerate Reliance Industries acquired a majority stake in Naturals Salon & Spa.
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