KL&Partners (K-Beauty Holdings) acquires 51.87% of Manyo Factory for KRW 190bn
- Deal value
- $131m
- Stake
- 51.87%
- Implied 100%
- $253m
- Revenue
- $72m
- Op. income
- $11m
- Multiples
- EQV/EBIT 23.0xPSR 3.5x
Deal value ÷ stake (structure unconfirmed)
2023 연결 · DART-verified
2023 연결 · DART-verified
On implied equity value
DART 20240319000521
- Target
- Manyo Factory · Skincare cosmetics brand
- Buyer
- KL&Partners (K-Beauty Holdings) · FI
- Seller
- L&P Cosmetic
- Structure
- —
- Announced
- Jan 3, 2025
- Closed
- Apr 30, 2025
- Stage
- Closed
Target
Manyo Factory, founded in 2012 and KOSDAQ-listed in 2023, sells natural-ingredient skincare (cleansing foam, cleansing oil, ampoules) under the Manyo, Our Vegan, Vanilla Boutique and No Mercy brands; exports exceed domestic sales, with Japan about half of revenue.
Deal rationale
On 3 January 2025 KL&Partners signed an SPA to buy L&P Cosmetic's 51.87% controlling stake for KRW 190bn (about KRW 370bn for 100%, a roughly 47% premium to that day's market cap). Hankyung reported that KL&Partners decided to invest based on the company's overseas performance, with exports above domestic sales and strong results in Japan and the US (Costco, Ulta). The seller's reason for selling was not stated.
| Revenue | $72m |
| Operating income | $11m |
| EBITDA | — |
| Net income | — |
2023 연결 · DART-verified · 20240319000521
Press coverage
- 한국경제 (2025-01-03): “마녀공장 경영권 지분 51.87%를 인수하는 주식매매계약(SPA)을 체결했다”
- 딜사이트 (2025-04-11): “딜 클로징 예정일인 이달 30일에 잔금 지급을 마치고 최종적으로 경영권 인수에 나설 것으로 보인다.”
- 쿠키뉴스 (2025-01-03): “마녀공장의 이날 종가(1만5310원) 기준 시가총액 2058억원에 48% 가량 프리미엄이 적용된 가격이다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.