December 4, 2018 / 6:29 AM / a year ago

KKR to invest up to S$500 million in Singapore's V3 Group

Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

(Reuters) - Singapore-based specialty retailer V3 Group Ltd said on Tuesday private equity firm KKR & Co (KKR.N) will invest up to S$500 million ($366.30 million) for a “significant stake” in the company.

The investment comes at an enterprise value of about S$1.7 billion, the luxury lifestyle and wellness products retailer said.

KKR is making this investment from its Asian Fund III, V3 said, but did not disclose how much stake KKR is getting.

V3, which owns the TWG Tea brand, said the investment will start the expansion of the brand in Japan and the United States, adding that it would expand its massage chair brand in China.

Evercore was the financial adviser to V3 on the deal.

Reporting by Kanishka Singh in Bengaluru; Editing by Gopakumar Warrier

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