JK Helene Curtis Ltd, the personal grooming and toiletries business owned by the Raymond Group is diluting its stake. According to reports in the media, Everstone Capital, is set to acquire 20-25% stake in the company. The deal size is expected to be Rs 150-160 crore.
The major brands of JK Helene Curtis include Park Avenue range of fragrances, body care solutions, shaving systems and hair care solutions, Premium range of room fresheners, and Eau de Cologne and Raymond range of fragrances. The Premium range will soon introduce car fresheners and a refrigerator freshener called Smell Well.
With assets under management of $2 billion, Everstone owns a stake in Faces Cosmetics, a Canada-based marketer of color cosmetics and skin-care products, and R&R Salons Private Limited, a Bangalore-based chain of women-only salons under the YLG (You Look Great) brand.
Raymond, promoted by industrialist Gautam Singhania, is taking various initiatives to reduce its debt worth Rs 1,500 crore. The Rs 5,000-crore company also plans to encash its land property in Thane, Mumbai and is in discussions with developers for a sale or joint development. It expects a valuation of Rs 1,500-1,800 crore for the land.