Unilever Buys South Korean Cosmetics Biz In €2.27B Deal

Unilever Buys South Korean Cosmetics Biz In €2.27B Deal

Unilever Buys South Korean Cosmetics Biz In €2.27B Deal

Focusing on the Carver Korea deal, Ed Han, Bain Capital Private Equity managing director, said: "This has been a great opportunity for us to partner with a leading Korean company in an exciting segment of the cosmetics space and to help support its brand, operations and growth around the world".

Carver's position in Korean beauty - particularly given South Korea is the fourth largest skin care market in the world - will bolster Unilever's position within Asia's beauty market and the global personal care category, the company said.

The company on Monday announced the acquisition of Carver Korea, the third-largest South Korean skin-care company, for €2.27 billion ($2.7 billion).

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Under Paul Polman, a former Procter & Gamble Co. executive who became Unilever's chief executive in 2009, the company has shifted away from food and toward higher-margin personal care.

The deal delivers a whopping profit for the two global investment companies which purchased a 60-percent stake in Carver Korea for 430 billion won ($397 million) in June previous year. The division collected €20.2 billion in revenue previous year, or about 38 percent of the conglomerate's overall sales.

Unilever said that Carver's 2016 sales were 321 million euros ($381 million) with core profit of 137 million euros.

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This is not the first time Unilever has struck a deal in the beauty business - in 2015 alone, it bought four high-end skin-care brands.

Unilever is working hard to boost its performance after an unexpected takeover bid by Kraft Heinz KHC.O in February.

It plans to sell or de-merge its underperforming spreads business, which could yield up to €6.8bn.

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The Anglo-Dutch company has bought the entire business from Bain Capital Private Equity, Goldman Sachs and the firm's founder, strengthening its foothold in the Asian beauty market. Bain Capital agreed to invest about $816 million in beauty-products maker Hugel Inc.in April, after Goldman and Bain bought a majority stake in Carver past year.

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