True North exits India seasoning business

Founded in 1935, VKL is one of India’s largest provider of seasonings and flavor solutions. The company’s clients include Indian quick-service restaurant chains and snack food and beverage makers catering to both the domestic and global markets.

True North, then called India Value Fund Advisors, invested $40 million in VKL in 2013. The deal marked an exit for Ascent Capital Advisors, which invested INR269 million (then $6 million) in VKL in 2006.

VKL operates four research centers in India and one in Dubai, where it focuses on anticipating global food trends and creating flavor and seasoning solutions that capitalize on these movements for the Indian market. The company will retain its brand identity following the acquisition and operate as a standalone business.

 “VKL Seasonings and True North share the same values, focused on professional management practices, high-quality talent, and innovative creative systems,” said Haresh Chawla, a partner at True North, in a statement. “VKL’s impressive customer base, coupled with in-depth knowledge of the local palate, has led to significant growth in the industry. We are confident that the company will reach new heights with Firmenich.”

Firmenich is the world’s largest privately-owned company in the perfume and taste business, with more than 3,000 patents worldwide and a presence in over 100 markets. It reported revenue of CHF3.7 billion ($3.6 billion) in 2018 financial year.

True North is currently raising its sixth fund, which launched in 2017 with a hard cap of $1.1 billion that has since been revised to $990 million. The fund reached a first close of $600 million last year.

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• Topics
• South Asia
• Industrials
• Trade sale
• India
• True North
• Exit
• manufacturing