Bain and Goldman Sachs acquire K-beauty brand Carver Korea

Bain and Goldman Sachs acquire K-beauty brand Carver Korea

Carver Korea has announced that Bain Capital Private Equity and Goldman Sachs have agreed to acquire a majority stake in the company for an undisclosed sum. Reuters estimates that the stake is valued at more than KRW350 billion.

The investment garnered from the sale will be used to stimulate further growth both in South Korea and overseas. Carver currently sells its products, which include the acclaimed A.H.C skin care brand, in Korea, China and the US through various channels, including bricks-and-mortar stores, duty free outlets, salons and clinics as well as via home shopping networks and online.

The company has broken new records this year, with sales exceeding 2015 full-year levels by May, representing growth of 200 percent year-on-year.

Jonathan Zhu, Managing Director at Bain Capital Private Equity commented, “Korea is a very attractive market with many innovative and globally competitive companies. We have been building Korean expertise into our Asia team and looking for investment opportunities. Carver Korea has an attractive portfolio of brands and significant opportunities for growth both domestically and internationally.”

Jeff Hyun Seok Kim, Managing Director at Goldman Sachs, added, “Korea is home to one of the most sophisticated cosmetics markets in the world and the global demand for the country’s beauty products is reaching new heights. Our investment in Carver’s innovative and talented Founder and management team exemplifies Goldman Sach’s aim to partner with Korean corporate leaders who are able to develop and offer world-class products.”

Carver’s Founder and Chairman Lee Sang-rok will continue to hold a minority stake in the company and participate in day-to-day management.