L Catterton Partners With Ex-HUL Chief Sanjiv Mehta For Its New India Unit
Mehta will serve as the executive chairman of L Catterton's India division and will be involved in the firm's various global funds.
L Catterton has partnered with former Unilever veteran Sanjiv Mehta to launch a new vehicle that will invest in consumer sector companies in the world's fastest-growing major economy.
Mehta will serve as the executive chairman of L Catterton's India division and will be involved in the firm's various global funds, the U.S.-based private equity giant said in a statement on Thursday.
Mehta, a veteran in the consumer goods sector, has worked at Unilever Plc. Group for almost three decades. He led its businesses in South Asia for years before joining as the chief executive officer and managing director of Hindustan Unilever Ltd. in 2013.
During his tenure, he oversaw a fivefold increase in the market cap of HUL to Rs 6.2 lakh crore, equating to $76 billion, making it India’s fifth largest company by market cap. Mehta quit the company in 2023.
The investment firm's plan reflects the confidence of investors in the country's favourable economic conditions and growth potential. It aligns with other global firms from Canadian pensions to sovereign wealth funds in the Middle East, who are investing billions of dollars in the country.
Blackstone Inc., the world’s largest alternative asset manager, also expects India and Japan to be its most active markets in Asia next year, based on capital allocation. The New York-based company acquired a stake in two domestic hospital chains last year. "The economy seems to be decoupled from what’s going on in the rest of the world," Joe Baratta, Blackstone’s global head of private equity, told Bloomberg in an interview.
Backed by French luxury group LVMH Moet Hennessy Louis Vuitton, L Catterton handles $35 billion of assets under management globally. It has invested about $600 million to back firms in India, its key market in Asia, along with Japan and China, according to the company.
Its investments in India include Jio Platforms, Sugar Cosmetics and pet food company Drools. Previously, it invested in PVR Cinemas, Fab India and Impresario Entertainment & Hospitality, which operates casual dining brands and hangout bars like Smoke House Deli, Salt Water Cafe and Social.
"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," said L Catterton Global's co-CEO Michael Chu.