Private equity firm KV Asia is said to seek an exit from its investment in Singapore-based skincare portfolio Derma-Rx International Aesthetics (DRx Group), two sources familiar with the development told DealStreetAsia.
KV Asia invested in DRx Group in 2013 for an undisclosed valuation. The private equity major is said to have acquired 100 per cent stake in the skincare chain, according to media reports back then.
Established in 1999, DRx Group is a non-surgical aesthetics company that operates DRx Clinic and DRx Medispa in Singapore and Malaysia. The group has served more than 55,000 customers across these two countries.
KV Asia’s exit plans are currently at a very early stage and it is likely that the private equity firm may not be roping in an advisor to lead the transaction. The valuation of DRx Group could not be ascertained.
KV Asia spokesperson declined to comment on the matter.
Founded in 2010, KV Asia is focused on mid-sized business portfolios in southeast Asia. The PE firm is known to raise about $300 million for its second fund, as reported by DealStreetAsia in March 2019.
KV Asia’s first fund was closed in late 2013 at over $250 million raised from pension funds, endowments, financial institutions, fund of funds and family offices.
KV Asia has been chasing exits from a few of its investments. The PE firm is pursuing a sale process for Malaysia’s supplement maker DXN Holdings Bhd. KV Asia holds around 25 per cent stake in DXN Holdings and is being advised by Morgan Stanley on the deal.
Furthermore, the PE firm is also reported to explore an exit from Malaysian retailer TF Value Mart, which is seeking a valuation of 1 billion Ringgit ($238.6 million). KV Asia is believed to hold a majority stake in TF Value Mart.
In 2017, KV Asia managed to score two exits with the sale of Singapore’s Orange Valley Healthcare (OVH) to Singapore Press Holdings Limited (SPH) for S$164 million as well as the divestment of its holding in Singapore’s Aalst Chocolate, as reported by DealStreetAsia.
