CAM, Trilegal, Khaitan, IndusLaw act on HUL acquisition of minimalist for ₹ 2,995 crore

Cyril Amarchan Mangaldas (CAM), Trilegal, Khaitan & Co and Induslaw acted on Hindustan Unilever (HUL) acquisition of beauty care brand Minimalist through a combination of secondary buyouts and primary infusion.

CAM acted for HUL in this transaction.

Multiple teams from the firm worked on various aspects of the transaction.

The transaction was led by Partners Smruti Shah and Soumya Srivastava, with support from Priya Gupta (Senior Associate), Samaksh Khanna (Associate) and Keerthi Kumar (Associate).

The due diligence team was led Soumya Srivastava (Partner) with the support of Shashank Ugrankar (Principal Associate), Priya Gupta (Senior Associate) Keerthi Kumar (Associate), Mansi Jain (Associate) and Devansh Raheja (CAM).

The competition team was headed by Partners Avaantika Kakkar and Kaustav Kundu, with support from Aaditya Ranbir Sahgal (Senior Associate), Mohini Parghi (Associate) and Parth Mishra (Associate).

The intellectual property team was led by Swati Sharma (Partner), with support from Andri Shukla (Senior Associate) and Neharika Chhabra (Associate).

Trilegal acted as the legal advisor to Uprising Science Private Limited, which operates under the brand name of 'Minimalist', and its founders Mohit Kumar Yadav and Rahul Yadav.

The firm's corporate team was led by Partner Nikhil Sachdeva and comprised Meghmala Singh (Counsel), C.N. Yashwanth (Associate) and Sidharth Pattnaik (Associate)

 Competition team was led by Partner Rudresh Singh and comprised Divye Sharma (Counsel) and Kunal Singh (Associate)

 Labor and employment team was led by Partner Apeksha Mattoo with the support of Rina Goyal (Counsel), Madhur Khandelwal (Senior Associate) and Jubin Malawat (Associate)

 Taxation team was led by Partner Meyyappan Nagappan with the support of Karan Ganna (Senior Associate) and Vibhore Batwara (Associate).

Khaitan & Co advised Peak XV partners, which held 27.5% stake in Minimalist.

The firm's team was led by Partners Bharat Anand and Nidhi Killawala with assistance of Mukul Aggarwal (Counsel) and Zeni Arora (Senior Associate) 

IndusLaw advised Unilever Ventures on the transaction.

HUL acquired a 90.5% stake in Uprising Science Private Limited, the parent company of skincare brand Minimalist, at a pre-money enterprise value of INR 2,955 crores, subject to standard closing adjustments. The transaction involved two components: a secondary acquisition of INR 2,760 crores from existing shareholders, including the founders and venture partners, and a primary cash infusion of INR 45 crores into the company. This acquisition strengthens HUL's presence in the premium skincare segment, aligning with its growth strategy in the beauty and personal care market.

The deal will see the founders, Mohit Yadav and Rahul Yadav, continuing to lead Minimalist for a transition period of up to two years. Regulatory approvals for the acquisition are underway, and the transaction is expected to close by the first quarter of FY 2026. The acquisition aligns with HUL’s aim to expand its portfolio and address the growing demand for science-backed, high-quality skincare products.

Minimalist, launched in 2020, is an Indian skincare brand known for its science-driven formulations and ingredient transparency. It caters to a growing customer base seeking effective, no-frills skincare solutions. The brand has rapidly gained popularity in India’s premium skincare market, offering a range of products that emphasize simplicity and efficacy.

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