Singapore-based private equity firm KV Asia Capital is exiting the beauty and personal care company Victoria Care Indonesia by selling its 25% stake to the firm’s controlling shareholder for roughly $70 million.
PT Sukses Sejati Sejahtera bought 1.677 billion shares in Victoria Care at 747 rupiah apiece ($0.04) on Sept. 10, according to its filings with the Indonesia Stock Exchange. The shares were acquired from Beauty Brands International, a vehicle of KV Asia and the deal was valued at about 1.25 trillion rupiah ($69.93 million).
The transaction confirms a DealStreetAsia report from August that KV Asia was exploring an exit from Victoria Care, nearly five years after its investment.
The purchase increases Sukses Sejati Sejahtera’s ownership in Victoria Care—listed on the IDX under the ticker VICI—to 84.95% from 59.95%. The shareholder said the transaction was for investment purposes and that it intends to retain control of the company.
The IDX filing described the transaction as a share sale.
Victoria Care listed on the Indonesia Stock Exchange in December 2020. Subsequently, KV Asia acquired a 25% equity stake in the company in 2021 for $43 million—its first investment in Indonesia. At the time, KV Asia said it was attracted by the growth prospects of Indonesia’s beauty and personal care market and Victoria Care’s ability to grow despite the pandemic.
Founded in 2006, Victoria Care manufactures and distributes beauty and personal care products under brands including Miranda, Herborist, Victoria and Secret Clean.
According to local reports, the company is expanding its traditional mass-market positioning into the middle-upper and premium segments through new brands and the integration of PT Natura Pesona Mandiri, owner of the Secret Garden brand, which sells body care, personal care and living fragrance products through locations including airports and tourist areas in Bali.
Victoria Care is also preparing three additional premium brands, including the rebranding of Sixsense into a premium youth fragrance brand and the launch of a skincare brand. It is also exploring opportunities in healthcare as part of its longer-term strategy and evaluating haircare and wellness, which the management believes could offer larger market opportunities than cosmetics.
