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By
Reuters
Published
Jul 18, 2016
Reading time
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Goldman Sachs, Bain to buy majority stake in cosmetics firm Carver Korea

By
Reuters
Published
Jul 18, 2016

Goldman Sachs Group Inc and Bain Capital Private Equity will acquire a majority stake in unlisted cosmetics maker Carver Korea Co. Ltd., seeking to tap into the growing popularity of South Korean beauty products in markets such as China.

The companies said in a joint release that Carver Korea founder and Chairman Lee Sang-rok, who held a 60.2 percent stake in the firm at end-2015, will retain a minority stake and "participate in day-to-day management".


Carver Korea DNA eye cream - Carver Korea


Details, including the specific stakes the foreign buyers are getting, were not disclosed. But a person familiar with the matter told Reuters that Goldman and Bain together are paying more than 350 billion won ($307.45 million) to get majority ownership of Carver.

The acquisition comes as the so-called Korean Wave of culture exports, from soap operas and K-pop music to food and fashion, boost overseas demand for beauty products. Major domestic brands such as Amorepacific have been among the chief beneficiaries, with their share-prices soaring on hopes for sustained growth.

Kyobo Securities said in a report South Korean exports of cosmetics products set a quarterly record of $874.3 million in April-June, thanks to growing shipments to China and the United States.

January-May sales for Carver, which owns beauty product brands including flagship skincare line A.H.C., were up more than 200 percent from a year earlier and topped the 150 billion won figure for all of 2015, the joint statement from Carver, Goldman and Bain said.

Carver sells about 1,000 products in South Korea, China and the U.S.

($1 = 1,138.3900 won) 

 

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