Emerging markets fund CVCI Private Equity and a co-investor advised by Thai Strategic Capital have bought a significant minority stake in Thai skincare company Wuttisak Clinic Inter Group Co Ltd, a source familiar with the matter told Reuters.

The consortium paid close to $100 million for around one third of Wuttisak, said the source, who was not authorized to talk to the media.

Wuttisak has more than 100 clinics in Thailand, and is expanding into Laos, Cambodia and Vietnam to tap into the rising disposable incomes of Southeast Asia's emerging middle classes.

The company provides treatments such as skin whitening, anti-aging and acne removal.

Emerging markets investor CVCI, which is part of Citigroup (C.N), has more than $7 billion in equity investments and committed capital.

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