Bain Capital Private Equity and Goldman Sachs have agreed to acquire a majority stake in Korean cosmetics firm Carver Korea from existing shareholders, according to an announcement.
No financial details were disclosed.
The company plans to use the proceeds on further domestic growth and overseas expansion.
After the completion of the deal, which is Bain Capital Private Equity’s first investment in Korea, Carver’s founder Lee Sang-rok will continue to hold a minority stake in the company.
"Korea is a very attractive market with many innovative and globally competitive companies," says Jonathan Zhu, managing director at Bain Capital Private Equity. "Carver Korea has an attractive portfolio of brands…for growth both domestically and internationally."
China is the largest and fastest growing beauty market in the world, according to Euromonitor.
Since 2011, the average revenue of Korean cosmetics exports to China has grown annually at over 50% compound annual growth rate. Korea is the second-largest exporter of cosmetics to China after France.
Founded in 1999 as a specialty cosmetics supplier to aesthetic salons, Carver currently sells approximately 1,000 different cosmetics products in Korea, China and the United States through home shopping television networks, retail stores, duty free shops, beauty salons, skincare clinics and online.
As of May 2016, Carver has exceeded its total sales of approximately US$130 million recorded for 2015, representing a growth in sales of more than 200% year-on-year, according to the announcement.