KV Asia buys Singapore skin care brand

KV Asia Capital has agreed to acquire Singapore-based Derma-Rx International Aesthetics (DIAL) from Indian skin care company Marico Kaya Enterprises. The financial terms of the deal were not disclosed.

DIAL is a subsidiary of Marico’s Kaya Skin Clinics and sells the Derma-Rx line of skincare products for conditions such as pigmentation disorders, acne, scars and wrinkles, exclusively at affiliated medical clinics. Kaya acquired business in 2010 and it has three centers across Singapore and Malaysia.

“Over the last three years the two companies had added significant value to each other’s business. Kaya has now decided to focus its efforts in the Kaya Skin Clinics business where it has established scale. The company will use the proceeds of the divestment in building the Kaya business,” Milind Sarwate, Marico Group CFO told The Times of India.

The agreement with KV Asia Capital will close pending certain conditions, including the transfer of the Kaya Middle East business to another wholly-owned subsidiary of Kaya. Consumer goods group Marico spun out the Kaya businesses into a separate company in April.

KV Asia Capital closed its debut fund at $263 million in August, exceeding the final target of $250 million. The capital will be deployed in mid-size companies in Southeast Asia.

AUTHOR: Mirzaan Jamwal