Cyril Amarchand Mangaldas Represented Hindustan Unilever In Acquiring Uprising Science (Minimalist)
Cyril Amarchand Mangaldas ("CAM") represented Hindustan Unilever Limited ("HUL") in the proposed acquisition of 90.5% of;
Cyril Amarchand Mangaldas Represented Hindustan Unilever In Acquiring Uprising Science (Minimalist)
Cyril Amarchand Mangaldas ("CAM") represented Hindustan Unilever Limited ("HUL") in the proposed acquisition of 90.5% of the share capital of Uprising Science Private Limited ("Minimalist") for a pre-money enterprise value of INR 2955 crores, subject to customary closing adjustments, which has been structured as follows:
(a) a proposed secondary acquisition, for INR 2760 crores from the existing shareholders of Minimalist, i.e., Mr. Mohit Yadav, Mr. Rahul Yadav ("Founders"), Surge Ventures II, Peak XV Partners Venture Investments VII, Twenty Nine Capital Partners (General Partner) Limited (collectively the "Sellers"); and
(b) a proposed primary cash infusion into Minimalist, for INR 45 crores ("Transaction").
Minimalist is in the business of manufacturing, marketing, and distributing skincare and haircare products globally and is one of the fastest-growing digital-first and direct-to-customer brands that sits at the intersection of beauty and actives-led science. The brand is strongly rooted in delivering highly efficacious skincare and haircare solutions to its consumers driven by its mission to #HideNothing.
The Transaction involves the acquisition of 90.5% of the share capital of Minimalist on the completion date under the definitive documents with the eventual acquisition of 9.5% of the share capital, from the Founders, within 2 years from the completion of the Transaction.
As part of the Transaction, CAM:
(a) undertook a comprehensive due diligence on Minimalist and its subsidiaries;
(b) assisted in analysing the various intellectual property concerns (including from a structuring perspective); and
(c) drafted, reviewed, and negotiated the share purchase and subscription agreement and other definitive documents.
The transaction team was led by Smruti Shah, Partner; and Soumya Srivastava, Partner, with support from Priya Gupta, Senior Associate, Samaksh Khanna, Associate, and Keerthi Kumar, Associate.
The diligence team was led by Soumya Srivastava, Partner, with support from Shashank Ugrankar, Principal Associate; Keerthi Kumar, Associate; Mansi Jain, Associate; and Devansh Raheja, Associate.
The Competition team was led by Avaantika Kakkar, Partner (Head - Competition); and Kaustav Kundu, Partner, with support from Aaditya Sahgal, Senior Associate; Mohini Parghi, Associate; and Parth Mishra, Associate.
The Intellectual Property was led by Swati Sharma, Partner (Head - Intellectual Property), with support from Andri Shukla, Senior Associate; and Neharika Chhabra, Associate.
The transaction was signed on January 22, 2025, and the closing is subject to approval from the Competition Commission of India.