PE firm True North sells majority stake in India’s VKL Seasoning to Swiss firm

Photo: unsplash.com/Akhil Chandran

Firmenich, a Switzerland-based privately-owned company in the perfume and taste business, has agreed to acquire a majority stake in Indian seasonings maker VKL Seasoning from private equity firm True North, according to an announcement.

The sale marks the second exit this year for True North. Last month, it sold Innovative B2B Logistics Solutions to Adani Logistics.

The acquisition of VKL Seasoning will broaden Firmenich’s capabilities and customer reach in India, a key growth market for the group, while expanding its raw material palette for clean label ingredients, the company said.

“India is a critical market for Firmenich and we are committed to investing in our business here both for short and long-term growth,” said Patrick Firmenich, Chairman, Firmenich.

VKL Seasoning will retain its brand identity and operate as a standalone business within the company. Financial terms of the deal were not disclosed.

Founded in 1996, VKL Seasoning is the flagship company of the Kanji Morarji Group.

“This joint venture underpins Firmenich’s ongoing commitment to India, one of our fastest growing markets,” said Satish Rao, Chairman & Managing Director, Firmenich India. “VKL expands our presence in India, while advancing our vision to be the taste and nutrition innovation partner of choice.”

True North, formerly known as India Value Fund Advisors, was established in 1999 with a focus on investing in mid-sized profitable businesses. The firm has launched six separate investment funds with a combined corpus of over $2.8 billion, including co-investments. The firm claims to have invested in more than 40 Indian businesses.

Also Read:

We expect to close sixth fund in 2-3 months, says True North’s Vishal Nevatia

US pension fund commits $10m to Indian PE firm True North’s sixth fund 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.