The Korean buyout firm announced on Tuesday it had made the acquisition through a special purpose vehicle jointly set up with Youyoung founder and CEO Jung Ho-tae.
Post the acquisition, Jung will become the second largest shareholder in the new entity and remain in the management team. Meanwhile, Kin Beom-joon, former head of Korean telecom carrier KT Corp, will be appointed as CEO of Youyoung.
Founded in 1991, Youyoung has manufactured and supplied footwear fabrics to global sportswear brands including Nike, Adidas, New Balance, Under Armour and Puma. The company also partnered with Nike to develop an advanced outer fabric in 2015.
Youyoung reported total revenue of 84 billion won ($79 million) and an operating profit of 20 billion won ($18.8 million) last year.