L Catterton, former Hindustan Uniliver CEO announce JV in India
L Catterton's Asia division, a private equity firm specializing in consumer-focused investments, is partnering with former Hindustan Unilever (HUL) CEO, Sanjiv Mehta. The joint venture aims to increase investment in India, the world's fastest-growing economy. "With India now having the world's largest population and generating high GDP growth, there has never been a better time to deepen our commitment to the market," said Michael Chu, global co-CEO of L Catterton.
Sanjiv Mehta to lead as Executive Chairman
Starting April 4, 2024, Mehta will serve as the executive chairman of the new venture. In addition to this role, he will contribute to L Catterton's Asia division and other international fund platforms. Mehta's vast experience in consumer-focused businesses includes his tenure at Hindustan Unilever, where he held key positions such as chairman, managing director, and CEO from 2013 to 2023.
L Catterton's previous investments and future plans
L Catterton, managing $35 billion in assets, has previously invested around $600 million in India, Japan, and China. The firm supports companies like Jio Platforms, Sugar Cosmetics, and pet food company Drools. Anjana Sasidharan, L Catterton Asia partner and head of India said, "The long-term tailwinds that are shaping India's consumers will continue to create many exciting opportunities across consumer categories where we can leverage our experience of building over 275 brands across the world."
JV targets Indian investors and diverse businesses
The joint venture will primarily target investors based in India and will collaborate with L Catterton's pan Asia fund. The JV plans to acquire a combination of minority and majority stakes in businesses, ranging from start-ups seeking Series B funding to more mature companies. The typical deal size is expected to range from $25 million to $150 million.
L Catterton's expansion plans and partnership with Mehta
L Catterton, backed by French luxury brand LVMH, is eager to expand its presence in India. The firm manages approximately $35 billion of equity capital across private equity, credit, and real estate platforms. Sasidharan commented on Mehta's partnership, "Sanjiv's experience at Hindustan Unilever...is extremely relevant and valuable. His partnership will deepen our in-market network, insights, and capabilities and we look forward to further growing our franchise in India and throughout Asia."
