Seoul Leaguer Consortium Buys 85.94% of beplain Operator Moments Company for $56m
Seoul Leaguer teamed up with Pan Asia PE and SG PE to buy the stake from Hwahae Global, the founder and others; Seoul Leaguer provided half of the equity.
- Deal value
- $56m
- Stake
- 85.94%
- Implied 100%
- $65m
- Revenue
- $38m
- Op. income
- $1m
- Multiples
- EQV/EBIT 63.0xPSR 1.7x
구주
Secondary price of KRW 81.2bn ÷ 85.94% stake
2024 별도 · DART-verified
2024 별도 · DART-verified
On implied equity value
DART 20250331000283
- Target
- Moments Company (beplain) · Skincare brand (indie K-beauty)
- Buyer
- Seoul Leaguer, Pan Asia PE and SG PE consortium · SI
- Seller
- Hwahae Global, CEO Jung Yoon-jin and others
- Structure
- Secondary
- Announced
- Nov 14, 2025
- Closed
- Dec 26, 2025
- Stage
- Closed
Target
Operator of the skincare brand beplain, selling through e-commerce platforms and SNS-based marketing with brand presence in China, Northern Europe and Central Asia; overseas sales were 51% of revenue as of May 2025.
Deal rationale
Seoul Leaguer said the acquisition completed its restructuring into a cosmetics-focused business and, combined with its ODM subsidiary Cosleaguer, created a beauty value chain spanning planning, manufacturing, marketing and distribution. Fanasia PE and SG PE joined as financial investors; Seoul Leaguer invested KRW 40.6bn, half of the KRW 81.2bn total, for a majority within the consortium. Sellers were parent Hwahae Global and CEO Jung Yun-jin, among others.
| Revenue | $38m |
| Operating income | $1m |
| EBITDA | — |
| Net income | — |
2024 별도 · DART-verified · 20250331000283
Lead
A consortium led by strategic investor Seoul Leaguer, with Pan Asia PE and SG PE as financial investors, acquired 85.94% of Moments Company, operator of skincare brand beplain, for $56m. The sellers were Hwahae Global, CEO Jung Yoon-jin and others. A memorandum of understanding was disclosed in November 2025 and the acquisition completed on 26 December.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is a brand acquisition made jointly by a strategic investor and financial investors. Seoul Leaguer provided half of the equity investment, $28m.
Deal terms
| Item | Figure |
|---|---|
| Deal value | $56m (existing shares) |
| Stake acquired | 85.94% |
| Implied 100% equity value | about $65.2m |
| 2024 results (separate) | revenue $37.9m, operating income $1m |
| 2025 results (separate) | revenue $60.3m, operating income $3.7m |
Financials from the DART 2024 and 2025 audit reports.