CVC Capital Partners Invests $206.9m in Silicon2 for a 9.23% Stake
A minority growth investment through newly issued redeemable convertible preferred shares.
- Deal value
- $207m
- Stake
- 9.23%
- Implied 100%
- $2.0bn
- Revenue
- $770m
- Op. income
- $142m
- Multiples
- EQV/EBIT 14.4xPSR 2.6x
유증
Issue price KRW 45,000 × 65,576,252 shares outstanding before the issue (pre-money); investment ÷ stake (post-money) is about KRW 3.25tn
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260320001024
- Target
- Silicon2 · K-beauty global distribution platform
- Buyer
- CVC Capital Partners · FI
- Seller
- Company (new shares)
- Structure
- Primary issuance
- Announced
- Aug 18, 2026
- Closed
- —
- Stage
- Announced
Target
Silicon2 is a global distribution platform for K-beauty brands operating StyleKorean.com and a B2B network, handling sourcing, inventory, customs, logistics and local distribution. 2025 revenue was reported at about KRW 1.1tn (KRW 131bn in 2021) with operating profit of KRW 205.4bn (KRW 8.8bn in 2021).
Deal rationale
Silicon2 disclosed on 18 Aug 2026 a KRW 300bn third-party placement of redeemable convertible preferred shares to CVC vehicle Starlink Investment L.P. (payment 15 Sept, convertible after one year), describing CVC as a long-term growth partner for strengthening US/European distribution and logistics, entering Latin America and the Middle East, and strategic M&A. CVC cited Silicon2's multi-market expansion record and brand/retailer relationships; two CVC representatives were to join the board as non-executive directors at the 1 Oct EGM.
| Revenue | $770m |
| Operating income | $142m |
| EBITDA | — |
| Net income | $116m |
2025 연결 · DART-verified · 20260320001024
Lead
Global private equity firm CVC Capital Partners is buying $206.9m of new redeemable convertible preferred shares in listed K-beauty distributor Silicon2, giving it a 9.23% stake. Silicon2 disclosed the third-party rights issue on 18 August 2026. The issue price is KRW 45,000 per share.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is a minority growth investment rather than a control deal, one of the ways global capital is entering K-beauty distribution.
Deal terms
| Item | Figure |
|---|---|
| Investment | $206.9m (new RCPS) |
| Shares issued | 6,666,666 at KRW 45,000 each |
| Stake | 9.23% |
| Implied 100% equity value | about $2.04bn pre-money, about $2.24bn post-money |
| 2025 results (consolidated) | revenue $769.9m, operating income $141.7m |
Financials from the DART 2025 annual report; issue terms from the 18 August 2026 material event report.