KV Asia Sells Indonesia’s Victoria Care Stake Back to Founding Family in $70 Mn Exit

Singapore-based private equity firm KV Asia Capital, which invests in mid-sized companies across ASEAN, has exited Indonesian beauty and personal care company PT Victoria Care Indonesia Tbk after five years, selling its entire 25% stake back to the listed company’s controlling shareholder for about IDR 1.25 Tn ($69.9 Mn).

PT Sukses Sejati Sejahtera, Victoria Care’s controlling shareholder and parent company, bought the 1.677 Bn shares from Beauty Brands International, the Singapore-domiciled vehicle KV Asia used for the deal, at IDR 747 apiece on September 10. The block traded on the exchange’s negotiated market at about a third below Victoria Care’s regular board close of IDR 1,110 that day. The transaction lifts its ownership to 84.95% from 59.95%, while Beauty Brands exits the shareholder register.

KV Asia entered Victoria Care in 2021, paying IDR 613.8 Bn ($43 Mn) for the same 25% holding in what was its first investment in Indonesia. It bought the shares from Sukses at IDR 366 apiece, bringing in Adams Street Partners and Hermes GPE as co-investors. The exit value is, therefore, slightly more than twice the original investment in rupiah terms. However, that does not represent KV Asia’s realised return, which would also reflect dividends, currency movements, taxes and fees.

From Mass Market to Premium

Founded in 2006 and listed on the Indonesia Stock Exchange in December 2020, Victoria Care makes hair colour, body care, fragrance and hygiene products at its factory in Semarang, Central Java, under brands such as Miranda, Herborist, Victoria and Secret Clean.

Its distribution network reaches more than 70,000 outlets across Indonesia, and online channels contributed 26.4% of sales in the first half of 2026.

The business has expanded during KV Asia’s holding period, with revenue rising about 35% between 2022 and 2025. In 2022, it paid IDR 100 Bn for the Secret Clean hygiene brand, buying it from PT Natura Pesona Mandiri, an affiliate in the same business group as Victoria Care.

The management now wants to take Victoria Care beyond its mass-market base. It is preparing to fold in Natura Pesona Mandiri, owner of the Bali-born Secret Garden body care and home fragrance brand aimed at middle-to-upper-income shoppers, while preparing three premium brands, including a new skincare label and exploring healthcare, haircare and wellness.

The expansion has not translated into uninterrupted earnings growth. Revenue edged up to IDR 1.41 Tn in 2025 from IDR 1.40 Tn a year earlier, while annual profit fell about 22% to IDR 136.7 Bn from IDR 175.9 Bn.

Pressure intensified in the first half of 2026, when net profit fell 44% to IDR 45.1 Bn even as revenue grew 10% to IDR 745.3 Bn, as a weaker rupiah raised raw material costs and the company stepped up promotion spending.

Why the Salim Family Bought It Back

For Sukses Sejati Sejahtera, the acquisition restores its holding to almost 85% after five years with KV Asia on the cap table. The controlling shareholder told the exchange the purchase was for investment purposes and that it intends to retain control of Victoria Care.

Founder Billy Hartono Salim has since said the buyback was the local shareholder’s own initiative to strengthen a national company, not a sign of foreign capital leaving Indonesia. His aim is a portfolio that covers every price point, from mass-market shoppers to premium buyers, much as South Korea’s Amorepacific does with its range of brands.

For KV Asia, whose 2026 investments include Singapore’s identity security firm i-Sprint Innovations, the sale closes its first Indonesian investment with a materially higher exit value despite a recent slowdown in Victoria Care’s earnings, while returning the consumer company largely to the ownership structure that preceded the Singapore PE firm’s entry.

For the Salim family, the next test is whether the Secret Garden integration and premium launches can rebuild margins squeezed by higher input costs and heavier promotion.