VLCC Healthcare in talks s to buy Malaysia's Wyann in a Rs 100-crore-plus deal: report
08 October 2012
VLCC Healthcare, the Delhi-based beauty and wellness chain, is in talks to buy Malaysia's Wyann International in a Rs 100-crore-plus deal, The Economic Times today reported, citing two officials with direct knowledge of the development.
The report said that VLCC, founded in 1989 by Vandana Luthra, has already acquired a controlling 76-per cent stake in Wyann, and is likely to acquire the remaining in the next fiscal.
Founded in 2005 by Wang Li and Yap Yann Fang, Wyann is the holding company for Bizzy Body, Facial First and Masculine brands across Malaysia, Singapore and China.
Bizzy Body is a slimming centre with 17 outlets in Malaysia and one in Singapore, while Facial First has three centres across Malaysia, Singapore and China.
Sandeep Ahuja, MD of VLCC did not comment on the acquisition, but said that VLCC is in advanced talks with more than one company.
VLCC, in which Everstone Capital holds a 15 per cent stake since 2007, is already planning to raise around Rs250 crore by selling a minority stake to private equity firms in order to fund acquisitions in the south-east Asia region.
VLCC, which operates 180 wellness centres in India and overseas, is currently in talks with five peers in South-east Asia, Middle East and North Africa.