K-Beauty M&A 2025–2026: Private Equity Builds the Value Chain
Ten deals from ODMs and packaging to brands and medical aesthetics show who is buying K-beauty, the deal structures they use and the prices they pay.
In short: From mid-2025 to September 2026, private equity has been investing in almost every part of the K-beauty value chain. That includes the ODMs/OEMs that make products for global brands, the packaging makers behind them, cosmetics brands, adjacent categories such as color contact lenses, and medical aesthetics. Four trends stand out: value-chain roll-ups, the start of a secondary-buyout cycle, the entry of global capital, and a wide valuation gap between mature and growth assets.
Deal terms are based on Korean and international media reports through 6 October 2026.
USD figures are converted at KRW 1,450 = USD 1.
The deals at a glance
| Segment | Target | Buyer | Status | Value | Multiple (simple calc.) |
|---|---|---|---|---|---|
| ODM (color cosmetics) | C&C International | Ascent Equity Partners | Closed Oct 2025 | $196.7m for 41.22% | ~24x operating income, ~22x P/E¹ |
| Packaging | Changshin | Arc & Partners | Closed Dec 2025 | EV of just over $137.9m, ~90% | ~12x EV/operating income, ~2.7x EV/sales² |
| Brand | Moments Company (beplain) | Seoul Leaguer, Pan Asia PE, SG PE | Closed Dec 2025 | $56m for 85.94% | ~18x operating income, ~1.1x sales³ |
| Brand (growth investment) | Jung Saem Mool Beauty | CLSA Capital Partners | Invested late 2025 | $23.4m in RCPS | Not calculable (stake undisclosed) |
| Medical aesthetics | Koru Pharma | LYFE Capital | SPA Feb 2026, reported closed Apr 2026 | ~$67.6m for 70.2% | ~19x operating income, ~4.1x sales⁴ |
| Medical aesthetics | Ultra V, ATGC (combined into Livscience) | VIG Partners | Combined entity launched Jun 2026 | Not disclosed | Not disclosed |
| Color contact lenses | PPB Studios (Hapa Kristin) | KL&Partners | Closed Jul 2026 | ~$96.6m for ~65% | ~40x EV/operating income, ~3.7x EV/sales (reported) |
| Brand + supplements | Skin Idea (Medi-Peel), Life&Bio | MBK Partners | SPA Aug 2026 | ~$206.9m | ~8x EV/EBITDA (reported) |
| Distribution | Silicon2 | CVC Capital Partners | Announced Aug 2026 | $206.9m for 9.23% (new shares) | Implied 100% equity value ~$2.2bn |
| ODM (skincare) | Hwaseong Cosmetic + Nowcos | Macquarie PE | SPA Sep 2026 | ~$206.9m | Not calculated (two-company package price) |
Multiples are simple reference calculations: reported deal prices divided by earnings from DART audit reports and annual reports. Equity-based multiples do not reflect net debt. Hapa Kristin and Medi-Peel multiples are as reported. ¹ The price paid for ~20% of existing shares ($96.6m) implies ~$482.8m for 100% of equity; based on 2024 consolidated operating income of $20m and net income of $22.3m (2024 annual report). ² Based on EV of $137.9m, 2024 revenue of $51.1m and operating income of $12m (audit report). ³ Implied 100% equity value ~$65.2m; based on 2025 revenue of $60.3m and operating income of $3.7m (audit report). ⁴ Implied 100% equity value ~$96.6m; based on 2025 consolidated revenue of $23.9m and operating income of $5.1m (consolidated audit report).
1. Building the value chain, layer by layer
The first wave targeted the manufacturing base that supports K-beauty brands at home and abroad.
C&C International (Ascent Equity Partners). Ascent secured control of the KOSDAQ-listed color cosmetics ODM through a mix of existing and new shares. It bought about 20% from the family of founder and Chairman Bae Eun-cheol for $96.6m and subscribed to $100m of new shares, ending with 41.22%. The founding family keeps about 33.8%. Of the new-share proceeds, $69m is earmarked for securing overseas bases or acquiring a skincare ODM. 2024 consolidated revenue was $195.1m and operating income $20m.
Changshin (Arc & Partners). A cosmetics container maker founded in 1988, about 90% of which changed hands at an enterprise value of just over $137.9m. 2024 revenue was $51.1m and operating income $12m, an operating margin above 23%. After closing, the company appointed a professional CEO for the first time since its founding.
Hwaseong Cosmetic and Nowcos (Macquarie PE). Affirma Capital acquired 70% of skincare ODM Hwaseong Cosmetic in 2019 and added Nowcos as a bolt-on in 2022. Its first sale attempt in 2024 did not go through. The sale relaunched in 2026 drew five to six preliminary bidders; Macquarie was named preferred bidder in August and signed an SPA in September for about $206.9m. It beat a Korean PE consortium and a European strategic investor. Hwaseong Cosmetic’s 2025 consolidated revenue was $76.3m and operating income about $13.7m.
2. Brands: strategic and financial investors together
Moments Company (beplain). A consortium led by strategic investor Seoul Leaguer, with Pan Asia PE and SG PE as financial investors, acquired 85.94% from Hwahae Global, the founder and others for $56m. Seoul Leaguer provided half of the equity investment.
Skin Idea and Life&Bio (MBK Partners). MBK Special Situations acquired the operator of derma brand Medi-Peel and a health-supplement company from Morgan Stanley PE for about $206.9m combined. The reported multiple is about 8x EBITDA. It is MBK’s first Korean buyout in about two years.
Jung Saem Mool Beauty (CLSA Capital Partners). Rather than a control acquisition, CLSA’s $34.5m fund bought $23.4m of redeemable convertible preferred shares (RCPS, per the DART audit report) to fund the founder-led brand’s overseas expansion. The Export-Import Bank of Korea committed $8.6m as anchor LP. According to its DART audit report, 2025 revenue was $48.5m and operating income $5.2m.
3. Adjacent categories and medical aesthetics
PPB Studios / Hapa Kristin (KL&Partners). KL&Partners, which acquired Manyo Factory in 2025, bought about 65% of color contact lens brand Hapa Kristin for about $96.6m without acquisition financing. The enterprise value of about $148.3m is roughly 3.7x 2025 sales and about 40x operating income. Revenue grew from $27m in 2023 to $40.6m in 2025, and the company turned profitable in 2025.
Koru Pharma (LYFE Capital). Filler and aesthetics company Koru Pharma chose a control sale instead of an IPO, transferring 70.2% in existing shares held by its venture investors to LYFE Capital for about $67.6m. The founder keeps about 22%, remains on the board and co-manages the company. ION Analytics’ Mergermarket described it as LYFE Capital’s first solo control investment in Korea.
Livscience (VIG Partners). After acquiring LG Chem’s aesthetics business in 2025, VIG added skin-booster company Ultra V and botulinum toxin developer ATGC as bolt-ons. The three companies were combined and launched as Livscience in June 2026.
Silicon2 (CVC Capital Partners). CVC acquired $206.9m of new shares (redeemable convertible preferred shares) in listed K-beauty distributor Silicon2, securing a 9.23% stake. It is a minority growth investment, not a control acquisition.
What the deals show
1. Value-chain roll-ups. Buyers are not just picking brands; they are assembling the manufacturing, packaging and distribution capabilities that every brand needs. By investing in ODMs and suppliers with stable margins, they are investing in the foundation of K-beauty’s overall growth.
2. The start of a secondary-buyout cycle. Fund-to-fund deals have increased: from Affirma to Macquarie, from Morgan Stanley PE to MBK, and from venture and growth investors to KL&Partners and LYFE Capital. This means K-beauty has become a sector mature enough for assets to change hands among financial investors.
3. Structures where founders stay in. At C&C International the founding family holds about one third; at Koru Pharma the founder kept about 22% and a board seat; and at Hwaseong Cosmetic the founder’s remaining 30% is planned to be acquired later. Partial sales align the founder’s interests during the post-acquisition transition. This matters more the more a business relies on the owner’s customer relationships.
4. Diverse entry routes for global capital. Macquarie (Australia) chose control, LYFE Capital its first solo control position in Korea, CVC a minority stake, and CLSA preferred shares. In the selected deals, foreign investors are using a range of structures rather than buyouts.
5. Sharply diverging valuations. A mature derma brand and supplement business traded at about 8x EBITDA, while a growth brand that had just turned profitable was priced at about 40x operating income. Buyers also appear to be paying for growth and global scalability, and discounting dependence on a specific channel or market.
QPS Advisory’s view
For founders of K-beauty supplier and brand companies, the question is shifting from “Is there a buyer?” to “Which buyer should I choose?” The deals above alone show at least four routes: a private equity fund that keeps the founder as a large minority shareholder, a strategic investor that integrates the brand, a growth investor coming in through preferred shares, and a global fund buying a platform. Each differs in price, structure and the founder’s role after the sale. Deciding which route to take before going to market matters as much as the headline price. And most of the deals above were led by FIs (funds). Large deals may have become a market that pure strategic investors find hard to enter.
FAQ
Who is buying Korean beauty companies?
Mainly private equity. Domestic managers such as Ascent, Arc & Partners, KL&Partners, VIG and MBK are the most active, and global investors including Macquarie, CVC, LYFE Capital and CLSA are also coming in.
What multiples are K-beauty deals priced at?
They vary widely. MBK’s acquisition of Medi-Peel’s operator and Life&Bio was reported at about 8x EBITDA, while KL&Partners’ acquisition of Hapa Kristin, a fast-growing brand that had just turned profitable, was about 40x operating income. (Of course, forward numbers or LTM figures may have been used.)
Why are ODM companies popular?
They supply multiple brands at once, so their revenue is not driven by the rise and fall of any single brand, and they benefit directly from K-beauty export growth. That makes them good platforms for further acquisitions.