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Published
Mar 12, 2021
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KKR & Co bids for majority stake in Fogg owner Vini Cosmetics

Published
Mar 12, 2021

Private equity business KKR & Co is bidding to acquire a majority stake in Vini Cosmetics, manufacturer of Fogg deodorants, and could acquire up to a 53% stake. 

Vini Cosmetics' brand is a leader in the Indian men's deodorant market - Fogg- Facebook

 
As Vini Cosmetics plans to begin the next phase of its growth ambitions, the business is looking at a valuation of Rs 8,500 crore ($1.3 billion) in its latest investment round. 

“While [the promoters] are looking to sell around 30% shareholding, [investor] Sequoia Capital is expected to dilute its 17% ownership fully,” a source told the Economic Times. “As for WestBridge, it is not ready to pare its ownership.”

A potential roadblock to the KKR & Co deal could be that current investor WestBridge is also likely to increase its stake in Vini Cosmetics. “In fact, it [WestBridge] is likely to buy more stake,” said the Economic Times source.

“It wants to purchase shares held by the promoters and Sequoia, as it has the first right to do that, as per the terms of the shareholders’ agreement.”
 
Vini Cosmetics is currently 60% owned by its founder brothers Darshan and Dipam Patel. The business’ main brand is Fogg, which makes up around 80% of its total sales. The business also owns brands including face powder White Tone and cream Glam Up.

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