KKR to invest up to S$500m in Singapore's V3 Group

·Finance Editor

4 December 2018 at 2:49 am

V3’s TWG Tea store at Terminal 4 in Singapore Changi Airport. Photo: V3

V3 Group, a specialty retailer of luxury lifestyle and wellness products in Asia, said investment firm KKR will invest up to S$500 million (US$366.5 million) for a “significant stake” in the company.

The investment comes at an enterprise value of approximately S$1.7 billion, V3 said in a statement on Tuesday (4 December). KKR is making this investment from its Asian Fund III.

Headquartered in Singapore, V3 owns and develops products and services through its leading luxury and wellness brands such as OSIM, TWG Tea and ONI. The company also owns Futuristic Store Fixtures, which supports some of the world’s leading retail brands.

The investment will position the company to start the next phase of growth, starting with the immediate expansion of TWG Tea in Japan and the USA, and of OSIM in China, said Ron Sim, the Founder, Executive Chairman and Chief Executive Officer of V3.

The transaction was advised by Evercore, the exclusive financial adviser to V3.

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