Ascent Equity Partners Buys 41.22% of C&C International for About $196.7m
A mix of about 20% in existing shares from the founding family and $100m of new shares; the family keeps about 33.8%.
- Deal value
- $197m
- Stake
- 41.22%
- Implied 100%
- $351m
- Revenue
- $195m
- Op. income
- $20m
- Multiples
- EQV/EBIT 17.5xPSR 1.8x
혼합
Weighted-average price of about KRW 50,759 per share (secondary and new shares) × 10,013,941 shares before the deal (pre-money). On the secondary price alone, about KRW 700bn
2024 연결 · DART-verified
2024 연결 · DART-verified
On implied equity value
DART 20250321001159
- Target
- C&C International · Color cosmetics ODM
- Buyer
- Ascent Equity Partners · FI
- Seller
- Individuals (founder Chairman Bae Eun-cheol and family)
- Structure
- Primary + Secondary
- Announced
- May 23, 2025
- Closed
- Oct 17, 2025
- Stage
- Closed
Target
C&C International, founded in 1997 and KOSDAQ-listed in 2021, is a color-cosmetics ODM making gel eyeliner pencils, lip liner pencils and lip tints for more than 100 clients worldwide including Amorepacific, CLIO and L'Oréal affiliate Stylenanda; about 30% of sales come from North America.
Deal rationale
Ascent Equity Partners bought about 20% from founder Bae Eun-chul's family for KRW 140bn and subscribed to 3,615,960 new shares at KRW 40,100 (KRW 145bn, one-year lock-up), securing 41.22% through its PEF Beauty Synergy (about KRW 285.2bn in total). The company disclosed that KRW 45bn of the new-share proceeds would fund a new Cheongju plant and KRW 100bn the acquisition of securities in other companies, stating its aim to expand into skincare and hybrid products as a global comprehensive beauty ODM. Shinsegae Group (E-Mart, Shinsegae Food) joined the fund as LPs.
| Revenue | $195m |
| Operating income | $20m |
| EBITDA | — |
| Net income | $22m |
2024 연결 · DART-verified · 20250321001159
Lead
Private equity firm Ascent Equity Partners took control of KOSDAQ-listed color cosmetics ODM C&C International. It bought about 20% from the family of founder and Chairman Bae Eun-cheol for $96.6m and subscribed to $100m of new shares issued to it, ending with 41.22%. The rights issue was disclosed in May 2025 and the change of largest shareholder completed the deal in October.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
The deal mixes existing and new shares to secure control while the founding family keeps about 33.8%. Of the new-share proceeds, $69m is earmarked for securing overseas bases or acquiring a skincare ODM, which makes the company a platform for further acquisitions.
Deal terms
| Item | Figure |
|---|---|
| Deal value | $196.7m (existing shares $96.6m + new shares $100m) |
| New-share issue price | KRW 40,100 per share |
| Stake after the deal | 41.22% |
| Implied 100% equity value | about $482.8m (based on the existing-share price) |
| 2024 results (consolidated) | revenue $195.1m, operating income $20m, net income $22.3m |
Financials from the DART 2024 annual report.