Sanjiv Mehta forms joint venture with L Catterton to expand business in India
Mehta was most recently President of Unilever South Asia as well as Chairman/CEO and Managing Director of Hindustan Unilever Limited (“HUL”) from 2013 to June 2023.
L Catterton today announced that its Asia platform (“L Catterton Asia” or “LCA”) is deepening its commitment to India with the formation of a new India consumer-focused joint venture partnership with Sanjiv Mehta to develop a new investment vehicle. Mehta will serve as its Executive Chairman of India, effective April 4, 2024. Additionally, he will be involved with LCA and the firm’s other global fund platforms more broadly, where his skills and insights can be leveraged.
A consumer-focused executive with extensive senior leadership and global operational experience, Mehta comes to this new partnership following over 30 years of service at Unilever PLC Group, most recently as President of Unilever South Asia as well as Chairman/CEO and Managing Director of Hindustan Unilever Limited (“HUL”) from 2013 to June 2023. In that role, he oversaw a fivefold increase in the market cap of HUL to INR 6.2 trillion (equating to USD 76 billion), making it India’s fifth largest public company by market cap and the country’s largest fast-moving consumer goods company. He previously also held various other senior leadership positions at Unilever.
“I am particularly excited to join and support L Catterton’s India and Asia team as the firm deepens its commitment to the region,” said Mehta. “As I have come to know the firm’s leadership, I have developed deep respect for the unique way they operate and create value, aided by their strong core values and culture. With L Catterton’s global reach, investing expertise in the consumer sector, and familiarity with the region, all augmented by its strategic partnership with LVMH and the Arnault family office, the firm is very well positioned to succeed. I look forward to working closely with the team and helping to capitalize on the significant opportunities ahead.”
“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 and invest in the consumer businesses that will shape the landscape of tomorrow,” said L Catterton Global co-CEO Michael Chu. “We are thrilled to partner with Sanjiv, and to work together to create a differentiated partnership that leverages his deep understanding of the Indian consumer, in combination with our disciplined and proven category-first and operating-centric approach to investment and value creation.”
“This is a strategically important initiative for our Asia platform and for our firm globally,” said L Catterton Asia Managing Partner Scott Chen. “Asia is expected to drive more than half of the world’s GDP growth this decade, fueled by young, technologically enabled and highly dynamic consumers. This unique joint venture brings our firm’s global network and capabilities together with Sanjiv’s insights and experiences to create a compelling offering for investors.”
“The long-term tailwinds that are shaping India’s consumers will continue to create many exciting opportunities across consumer categories where we can leverage our experience of building over 275 brands across the world,” said L Catterton Asia Partner and Head of India Anjana Sasidharan. “Sanjiv’s experience at Hindustan Unilever, which provides market-leading products and services to over 90% of Indian households, is extremely relevant and valuable. His partnership will deepen our in-market network, insights, and capabilities and we look forward to further growing our franchise in India and throughout Asia.”
