Marico, a leading player in the consumer products space, has picked up an 85 per cent stake for an undisclosed sum in International Consumer Products Corporation (ICP), a leading Vietnamese FMCG company.
ICP was founded in 2001 by Phan Quac Cong and his partner and achieved a turnover of a little over $25 million in 2010. Dr. Cong will continue to lead ICP as its CEO and will continue to hold his entire 15 per cent residual stake in the company for three years. ICP has a significant presence across, personal care, beauty cosmetics and sauces / condiments segments. Mekong Enterprise Fund II managed by Mekong Capital and Bankinvest Vietnam (both private equity funds) and their individual shareholders were the key shareholders who divested their shareholding in ICP to Marico.
