Global buyout company KKR on Monday announced a $625-million or Rs 4,600-crore investment in deodorant-maker Vini Cosmetics for a controlling stake. The private equity company has signed a definitive agreement, pursuant to which Vini’s founder group – led by Darshan Patel, its chairman and joint managing director (JMD), and Dipam Patel, JMD, and Sequoia Capital – will sell stakes, according to an official statement. 

The co-founders of the 11-year-old company, which manufactures and markets brands, like FOGG, will continue to hold a significant stake in Vini and will collaborate with KKR in the next phase of the company’s growth, according to the statement. In addition, existing investor Westbridge Capital will acquire a further stake from the founder group to increase its shareholding, it said.  

The statement, which did not specify the exact quantum of stakes to be held by the shareholders in Vini, said Darshan Patel will continue to be the chairman, while Dipam Patel will be appointed as the vice-chairman. The transaction is expected to close by next month, subject to customary closing conditions. 

“Vini has established itself as one of the fastest-growing personal-care companies in India, and the strong consumer brand loyalty for FOGG and its other personal-care products is truly impressive,” KKR’s partner Gaurav Trehan said. 

“KKR is excited to work with the Patels and their team to capture new growth opportunities stemming from a young, emerging middle-class that increasingly seeks upgraded products,” Mr Trehan said, affirming that the investment underscored the company’s commitment to support innovative and dynamic companies in India, where it has invested $5.7 billion till now.