Consumer-focused private equity fund L Catterton, backed by French luxury brand LVMH, on Thursday said its Asia platform (LCA) will form a joint venture partnership with a former Hindustan Unilever Ltd chief executive. (HUL) Sanjiv Mehta to develop new investment. vehicle
“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 and invest in the consumer businesses that will shape the landscape of tomorrow,” said L Catterton Global with- CEO Michael Chu.
Mehta, who will serve as its executive chairman of India, effective 4 April 2024, will be involved with LCA and the firm’s other global fund platforms more broadly, the firm said in a statement.
“Sanjiv’s experience at Hindustan Unilever… is extremely important 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 across Asia,” said L Catterton Asia Partner and Head of India Anjana Sasidharan.
With decades of experience in the consumer space, Mehta’s most recent stint was as president of Unilever South Asia as well as president/CEO and managing director of HUL, where he worked for 30 years.
Under his supervision, the company saw a fivefold increase in the market cap to ₹6.2 trillion, making it India’s fifth largest public company and the country’s largest fast-moving consumer goods company. He has also held senior leadership positions in Unilever spanning different geographies including Asia, the Middle East and Africa.
“With L Catterton’s global reach, investment expertise in the consumer sector and familiarity with the region, all augmented by its strategic partnership with LVMH and the Arnault family office, the firm is very well positioned to succeed,” Mehta said in the statement
L Catterton, which is looking to deepen its presence in India, manages about $35 billion of equity capital across three multi-product platforms: private equity, credit and real estate. Founded in 1989, the firm has made more than 275 investments in some of the world’s most iconic consumer brands. Some of L Catterton’s investments in India include Reliance Jio Infocomm, Sugar Cosmetics and Drools Pet Food.
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Published: 28 Mar 2024, 14:02 IST