CVCI Private Equity and Thai Strategic Capital Management complete an investment in Wuttisak Clinic Inter Group Company Limited, a leading skincare treatment clinic chain operator in Thailand.

On April 11, 2012, private equity funds advised by Citi Venture Capital International (“CVCI Private Equity”) and a co-investor advised by Thai Strategic Capital Management (“TSCM”) acquired a significant minority stake in Wuttisak Clinic Inter Group Company Limited (“Wuttisak” or “the Company”). Wuttisak, together with its subsidiaries, is a leading skincare treatment clinic chain operator in Thailand. The transaction presents an opportunity for CVCI Private Equity and TSCM to capitalize on the growth in consumer-driven demand for skincare services in Thailand supported by fundamental cultural preference, rising affluence and an emerging middle class.

Progress Capital Thailand was lead financial advisor and arranger to Wuttisak and its shareholders for the transaction.

Headquartered in Bangkok, Wuttisak operates a fast-growing chain of over 100 clinics across the country and has expanded into Laos and Cambodia. The Company provides various types of aesthetic/skincare treatments such as skin whitening/rejuvenating, anti-aging and acne treatments as well as body shaping.

The branch network expansion of Wuttisak across the country has enabled the company to tap into different segments of the population in Thailand and diversify its customer base. Historically the industry grew at 20%+ CAGR, and it is expected that the trend will continue due to rising disposable income and aging target group which constitutes 48% of the population. Rising spending power and provincial wealth and developing consumer aspiration/taste in upcountry markets continue to drive demand which offers growth opportunity for the Company. The strong brand value and policy to invest in its doctors through advanced training helps the Company attract the best medical talent in the country and maximizes employee satisfaction. The Company continues to cultivate customer loyalty by striving to be the first to bring innovative products and services to its customers.

The Company’s vision is to become a leading regional player with foothold in other ASEAN countries where there is untapped demand for professional skincare treatment chains like Wuttisak at the moment. With CVCI Private Equity and TSCM as value adding, strategic international investors, Wuttisak is well positioned to leverage its brand power and competitive edge to further expand in Thailand as well as other countries in the region.

Ji Min, Managing Partner, Head of Asia Pacific of CVCI Private Equity commented: “We are very excited to invest into a clear leader of Thailand’s beauty service sector with a very strong brand. We expect Wuttisak to further grow rapidly by leveraging its brand power and competitive edge and expand into other areas and become a diversified life-style/health related service provider through branching out to other services and products in both Thailand and overseas”

Commenting on the transaction, TSCM Executive Chairman Aung Htun said: “the investment in Wuttisak fits perfectly our strategy of backing the market leader in a sector especially one that has the vision and capability to expand rapidly into the Indochina markets. We are excited to be supporting Wuttisak’s next phase of growth.”

Mr Nakorn Kornherun, founder and CEO of Wuttisak said: “We are delighted to partner with CVCI Private Equity and TSCM for the next chapter in Wuttisak as their participation along with our knowledge, technology and unique products palate will create a platform for scalable growth. We have an ambitious growth plan that involves expansion into regional markets as the leading skincare treatment clinic chain operator. We look forward to leveraging the experience and know-how of our new shareholders to support us in achieving this plan. Our expansion will continue to focus on our core markets where we want to remain the first choice for seeking skincare treatment. We hope to achieve our vision of becoming a regional leader as a skincare treatment clinic chain operator through our innovative product line and leadership. The core pillars of our business model are a constant focus on the customer and their needs. ”

Ashwani Ahuja, Executive Director of Progress Capital added, “Progress Capital is thrilled to have been part of this transaction which being the first direct investment in the skincare treatment clinic in Thailand and it furthers Thailand’s’ aspiration to be the regional skin care hub. The investment by CVCI, one of the leading private equity funds in the world, underlines the fact that Wuttisak offers a unique business model which can be emulated for regional growth. Wuttisak recipe for success inspired founders driven to redefine success, an innovative product line and a client centric business model”.

About CVCI Private Equity

CVCI Private Equity is a leader in global emerging markets private equity investing, and currently manages over $7 billion in equity investments and committed capital. CVCI Private Equity has an internationally integrated investment team of over 50 professionals worldwide with a local presence in Singapore, Mumbai, New Delhi, Hong Kong, London, New York and Santiago. Since 2001, private equity funds advised by CVCI Private Equity have been active investors in Asia. CVCI Private Equity is part of Citi. Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.

About Thai Strategic Capital Management

Thai Strategic Capital Management is a Bangkok based and Indochina focused private equity investment firm established in 2001 that invests in buyout and expansion capital opportunities.

About Progress Capital

Progress Capital is a Bangkok based boutique international investment bank. Provide private equity investment banking, advisory, and business development services tailored to clients’ needs. Progress Capital is committed to assisting its clients in all aspects of a successful assignment and to achieving their growth objectives. Progress Capital is focused on serving companies and their venture/private equity investors, in Thailand, BRIC and ASEAN.