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KKR, L Capital, ChrysCapital to battle it out for VLCC stake

28 Jan 2013

VLCCUS buyout firm KKR is reportedly going head-to-head with L Capital Asia for a stake in private equity-backed Indian slimming, beauty and fitness services provider VLCC.

L Capital Asia – the Asia private equity arm of luxury goods conglomerate LVMH – and KKR are fighting over an INR4bn ($75m) stake in the $300m company, according to the Times of India, which cited at least two unnamed people familiar with the matter.

India-focused investment house ChrysCapital had also been shortlisted by VLCC owners Everstone Capital and the Luthra family.

Everstone owns a 16 per cent stake in the company. The remaining stake is held by the Luthras, who built the business from a single Delhi site 20 years ago to more than 200 outlets across India today.

The firm invested in VLCC through its debut fund, Indivision India Partners, which closed in 2006 on $425m.

Everstone went on to complete a $580m fundraise for its second vehicle, Everstone Capital Partners II, in March 2011.

Both funds target companies that benefit from increasing domestic consumption in India, as well as enablers of the country’s infrastructure.

Last week Everstone bought a minority stake in Transpole Logistics for INR2.2bn ($40.9m), according to India’s Business Standard, with existing investor Fidelity Growth Capital making a partial exit from the business.

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