In a significant move to expand its portfolio, Hindustan Unilever Limited (HUL) has initiated the acquisition of a 90.5% stake in Uprising Science Private Limited, popularly known as Minimalist. Valued at an enterprise figure of INR 2,955 crores (subject to closing adjustments), the transaction reflects HUL’s commitment to embracing digital-first, science-driven beauty solutions.
Minimalist, a globally recognized brand in skincare and haircare, stands out for its actives-led, transparency-focused approach, encapsulated by its mission, #HideNothing. With a blend of efficacy and innovation, the company has rapidly scaled as a direct-to-consumer powerhouse.
The deal is structured in two phases: an initial secondary acquisition worth INR 2,760 crores from existing shareholders, including the founders and investment firms, followed by a primary infusion of INR 45 crores to support growth. HUL also retains the option to acquire the remaining 9.5% stake within two years of the transaction’s completion.
Cyril Amarchand Mangaldas (CAM) played a pivotal role in steering this transaction, conducting a thorough due diligence review, addressing intellectual property considerations, and drafting and negotiating critical legal documents.
The CAM team spanned multiple specialties, led by experienced partners and supported by associates across transaction, diligence, competition, and intellectual property domains. The transaction awaits regulatory clearance from the Competition Commission of India to proceed toward completion.
HUL’s strategic acquisition signals its intent to deepen its foothold in the science-backed beauty sector while leveraging Minimalist’s expertise and consumer-first ethos to drive innovation in the industry.
