Thai PE firm Lakeshore acquires controlling stake in skincare firm Aisance for $15.9m

Photo by Jamie Street on Unsplash

Bangkok-based private equity firm Lakeshore Capital and its co-investors have acquired a controlling stake in Aisance, a Thailand-based middle market skincare company, for $15.9 million, according to an announcement on Tuesday.

Along with the investment, Lakeshore has introduced a new CEO and other key managers to drive the company’s growth transformation and expansion into the CLMV (Cambodia, Laos, Myanmar and Vietnam) region.

Founded in 2007, Aisance was one of the first companies to market Korean skincare products in Thailand. The company currently has four brands in its portfolio targeting the mass and masstige segments through over 8,000 points of sale nationwide. The Thai skincare industry is highly fragmented and is estimated to be worth $2 billion, said the company.

This marks Lakeshore’s fourth investment from its debut Thailand-focused fund. It has previously invested in steakhouse chain Santa Fe, human resources management provider Humanica and Thai online marketing firm ReadyPlanet.

The Thai private equity firm closed its first vehicle, Lakeshore Capital Fund I, at $60 million in November 2015 to focus on investment in Thailand and the Greater Mekong Sub-region. It focuses on investments in food, retail, consumer products, light manufacturing, healthcare, education, logistics and business outsourcing sectors.

LPs in the fund include the International Finance Corporation (IFC), amongst other institutional investors.

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