Marico Ltd, a Mumbai-based personal care products maker, has picked up an 85% equity in Vietnam-based FMCG firm International Consumer Products Corporation (ICP) for an undisclosed consideration. The deal involves Marico buying stakes held by two private equity firms in ICP, which had revenues of $25 million in 2010.

ICP was founded, in 2001, by Dr. Phan Quoc Cong and its brands are across categories like personal care, beauty cosmetics and condiments which include X-Men, L’Ovite, Thuan Phat and others. X-Men has over 35% market share among personal care brands, it leads the men’s shampoo category and has recently expanded to segments like deodorants and shower gels.

Dr. Cong, co-founder of ICP, will retain his 15% stake in the company for three years. Mekong Enterprise Fund II Ltd, managed by Mekong Capital, and BankInvest Vietnam besides other individual shareholders have divested their shareholding to Marico.

“I am excited about our investment in the rapidly growing Vietnamese market. ICP has built a strong portfolio of brands and I look forward to robust high paced growth under Dr. Cong’s stewardship. ICP imparts strength to Marico’s international business group in the male grooming segment,” said Vijay Subramaniam, CEO, International Business Group, Marico.

The share price of Marico closed at Rs 125 on Friday, up marginally by 0.44%. The news comes as Marico has reportedly put its refined sunflower oil brand ‘Sweekar’ on the block.

Marico, as other Indian FMCG players like Dabur and Godrej, have been closing buyouts in emerging markets across Africa, Asia and South America. Marico itself bought hair styling brand, Code 10, from  Colgate-Palmolive Company to enter into the Malaysian hair styling market last year. Kaya Limited, wholly owned subsidiary of Marico Ltd, also acquired the aesthetics business of the Singapore based Derma Rx Asia Pacific Pte. Ltd. Other buys by Marico in 2010 included healthcare brand Ingwe from South Africa-based Guideline Trading.

Godrej Consumer Products Ltd also acquired Argentina's hair products firm Issue Group last year, besides Tura in Nigeria and PT Megasari Makmur in Indonesia.

Dabur acquired Turkish personal care firm Hobi Kozmetik Group for $69 million (about Rs 324 crore) as part of its strategy to strengthen its presence in the Middle East and North Africa in July 2010.

Kolkata-based FMCG player Emami also said in December that it plans to spend as much as Rs 1,500 crore or $331 million to buy overseas companies.

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