Affirma Capital buys majority stake in SK Hwa Sung Cosmetics

Photo: Pixabay

Affirma Capital, the newly-created GP spinout of Standard Chartered Private Equity, has agreed to purchase controlling stake in South Korean Hwa Sung Cosmetics.

BDA Partners was the financial advisor to Hwa Sung founder on the transaction. Financial terms of the deal were undisclosed.

Hwa Sung is a South Korean cosmetic manufacturer, providing a one-stop integrated solutions from cosmetic formulation to packaging. It has expanded its portfolio to lipstick, eyeliners, and foundations products, supplying them to global cosmetic and skincare brands, including Anastasia Beverly Hills, Estee Lauder, Amore Pacific, and Shiseido.

“This transaction illustrates how BDA works seamlessly with private owners looking to realize their investments through new partnerships with reputable, global investors who can support further growth,” BDA Partners managing director Howard Lee said in a statement.

UK-based global lender Standard Chartered sold its private equity unit to global alternative investment firm Intermediate Capital Group (ICG) for £790 million through a management buyout in December last year.

The PE unit has invested in 35 companies across the emerging market, including in Southeast Asia, India, and China.

Singapore-headquartered Affirma has offices in Africa, UAE, Hong Kong, India, South Korea and China.

ICG also agreed to provide $398 million in new investments to Affirma Capital to acquire and invest in the companies. The transaction is expected to be completed in the second half of this year.

Meanwhile, BDA Partners is the global investment banking advisor in Asia, with more than 20 years of experience advising for cross border M&A, capital raising, and financial restructuring. BDA has expertise in the chemicals, consumer & retail, health, industrials, services and technology sectors.

The company also formed partnership with global investment bank William Blair and a Japanese-owned bank Development Bank of Japanese.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.