KKR acquires 100% of Samhwa (cosmetics packaging) for KRW 733bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $506m
- Stake
- 100%
- Implied 100%
- $506m
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- Samhwa (cosmetics packaging) · Cosmetics packaging
- Buyer
- KKR · FI
- Seller
- TPG
- Structure
- —
- Announced
- Jul 21, 2025
- Closed
- Sep 4, 2025
- Stage
- Closed
Target
Samhwa, founded in 1977 as a mold maker, became a cosmetics container and pump manufacturer supplying more than 300 brands from Korean indie labels to global luxury houses. Its signature product is an airtight cushion compact, and it covers R&D through assembly, inspection and distribution.
Deal rationale
TPG was reported to have bought Samhwa and affiliates for about KRW 300bn in November 2023 and signed an SPA to sell 100% to KKR about 20 months later. KKR cited the global spread of K-beauty and Samhwa's product technology, global network and operating capability, and was reported to have won against Blackstone and Carlyle.
Reported multiples
- EV/EBITDA 19.0x 2024년 EBITDA 386억원 기준, 인수가 약 7,330억원 source ↗
Press coverage
- 딜사이트 (2025-09-04): “KKR은 삼화 지분 인수에 약 7330억원(약 5억2800만달러)를 투입한다.”
- 한국경제 (2025-07-21): “TPG는 삼화 지분 100%를 KKR에 매각하는 주식매매계약(SPA)을 체결했다.”
- Bloomberg (2025-09-04): “valuing the South Korean cosmetics packaging firm at 733 billion won ($528 million)”
- 딜사이트 (2026-01-20): “▲KKR의 삼화 인수(7330억원)”
- IB토마토 (2025-10-01): “삼화의 지난해 EBITDA 규모가 386억원이었다는 점을 고려하면 멀티플 19배를 인정받은 셈으로”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.