Mintoak from Mumbai acquires ICC Loyalty to strengthen presence in West Asian markets

Mumbai-based financial technology platform Mintoak acquired Dubai-based loyalty technology company ICC Loyalty on Tuesday for an undisclosed sum. This acquisition is aimed at deepening the company's presence in the West Asian market.

ICC Loyalty provides rewards technology to 34 banks in the United Arab Emirates (UAE). The company's tech stack allows banks to manage credit card rewards, including offers and redemption options, as well as analyze customer spending, which opens up the possibility for Mintoak to utilize issuer-side functionalities.

The combined business generates an annual revenue exceeding $30 million with a profitability margin of over thirty percent, as stated by the company in an official announcement.

Penetration into Middle Eastern Markets

Raman Khanduja, co-founder and CEO of Mintoak, told Business Standard that it was extremely important for the company to penetrate the Middle Eastern markets for a long time. He noted that banks are interested in the platform, but the process of onboarding a new provider can take between 18 and 24 months. Now, thanks to ICC, they have access to 34 clients, which is a strong position for the company.

He also clarified that the transaction is financed through the company's own balance sheet using a 'small amount of debt'. The acquisition gives the company the ability to offer functionality for both acquiring and issuing payment instruments. In the fintech sector, acquiring means enabling sellers to accept payments, while issuing refers to banks or fintech companies providing payment cards and other payment methods to customers.

Amit Narang, co-founder and CEO of ICC Loyalty, stated that he and his team will continue to work with the combined business after the deal. According to him, they now have the opportunity to provide customers with both an acquiring stack and an issuing stack, which increases customer stickiness.

Following the completion of the acquisition, Mintoak now collaborates with over 50 banks in more than 20 countries. Partners include HDFC Bank, Axis Bank, and SBI Payments in India, Emirates Islamic and RAKBANK in the Middle East, and Absa Bank in Africa. The platform, supported by investors such as PayPal Ventures, British International Investment, Pravega Ventures, HDFC Bank, and Z3Partners, serves over 5 million merchants and 11 million customers, facilitating an annual payment volume exceeding $93 billion.

business-standard.comJuly 24, 13:24

Bain Capital acquires British vitamin manufacturer Vitabiotics for $1.2 billion

Private investment firm Bain Capital has reached an agreement to acquire the 55-year-old British vitamin manufacturer Vitabiotics. The deal also includes the company's business in India, Meyer Organics, and its operations in Africa. This decision is driven by the firm's focus on the growing global demand for vitamins and dietary supplements.

Deal Details and Development Plans

Although the financial terms of the transaction were not disclosed, sources familiar with the matter reported that the deal is valued at approximately $1.2 billion. The acquisition merges Bain Capital's healthcare and consumer investment platform with Vitabiotics' vitamin and supplement manufacturing business, aiming to support international expansion.

The UK will remain the company's base, and no immediate changes to operational activities are expected. However, Bain plans to invest in developing digital capabilities, e-commerce, international distribution, supply chains, and new product development.

Global Growth Strategy

The investments will be led by Bain Capital's Asian private equity team with support from the firm's global platform. The goal is to expand Vitabiotics into key markets, including China, the Middle East, and India.

Pavan Singh, a partner at Bain Capital, noted that Vitabiotics fits the type of business the firm supports: 'it is a reliable, science-backed brand platform with category leadership, a strong base of trust among healthcare professionals, and a significant presence in the UK, India, the Middle East, Africa, and China.'

Rishi Mandawat, another Bain Capital partner, emphasized that they see significant potential to help Vitabiotics strengthen its leadership in the UK and enhance its global platform. He assured that Bain Capital will provide industry expertise, portfolio resources, and local market knowledge to support innovation, e-commerce, international distribution, and operational capabilities.

History and Leadership of Vitabiotics

Vitabiotics was founded in 1971 by entrepreneur and scientist Carter Lalwani. He transformed the company into one of the most well-known manufacturers of vitamins and dietary supplements in the UK, creating brands covering numerous health categories.

Under the leadership of CEO Tej Lalwani, who managed the business for over ten years after more than thirty years with the company, Vitabiotics expanded through new product launches and partnerships. Following the completion of the deal, founder Carter Lalwani will take on the role of honorary chairman, while his elder son Ajit Lalwani will continue as non-executive director.

Tej Lalwani, CEO of Vitabiotics, expressed gratitude for the opportunity to develop his father's vision, using the power of science and nutrition to improve daily health. He stated that the goal is not to change the essence of the company but to accelerate its potential. With the global expertise and investment of Bain Capital, the company has gained a unique chance to expand internationally, accelerate innovation, and bring its proven brands to millions of consumers while maintaining the scientific principles, quality, and values that have defined Vitabiotics for over 55 years.

Portfolio and Sales Markets

Vitabiotics has already expanded its operations to markets such as India, China, Egypt, and the Middle East, in addition to its UK business. Its product line includes brands such as Pregnacare, Perfectil, Wellman, Wellwoman, Osteocare, and the Ultra series.