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Last January, Carlyle paid Rs 2,700 crore to buy a controlling 66% stake in the three-decade-old homegrown brand that gave the buyout fund an entry into a rapidly growing market for wellness products but one that is facing disruption from younger, nimbler, direct-to-consumer (D2C) brands. Founders of VLCC – Vandana and husband Mukesh Luthra who owned 95% of the company prior to the Carlyle deal – retained a 30% stake with the management team holding 4%.

Abu dhabiAbuz abyUnited arab emiratesUnited kingdomCity ofSaudi arabiaCarlyle asiaAnand waskerMukesh luthraGopal mishraVikas guptaWarburg pincusWellness centers beauty clinicsSaudi public investment fundHealthcare ltdAbu dhabi investment authority