S Korean buyout firm VIG Partners acquires facial mask maker P&C for $126m

Photo: Pixabay

South Korean private equity (PE) firm VIG Partners, which specialises in mid-market buyouts, has acquired a 73 per cent stake in Press & Converting (P&C Co.), a facial pack manufacturer that reportedly occupies 70 per cent of the local market.

The transaction sees the transfer of management rights worth KRW 145.6 billion ($126.1 million) for the stake, valuing the company at about $172.7 million.

P&C was established by current president Sohn Chul-jae in 2008 to provide facial pack sheets to cosmetics makers.

The company produces 1.8 billion pack sheets per annum and supplies to more than 300 corporate clients. Post-acquisition, Sohn will be the second largest shareholder and will collaborate with new managers from VIG Partners.

Incepted in 2005, VIG Partners targets financial services, consumer goods, online and mobile commerce, and household appliance sectors. It also considers investments in small and medium-sized enterprises (SMEs), which are typically founder-owned and operated.

Earlier this year, VIG Partners closed its third fund at $600 million, reaching a first close of $480 million in October 2016. South Korea’s National Pension Service contributed KRW202 billion ($175 million) to the first close.

With a beauty and cosmetics market valued at more than $13 billion as at April 2017, South Korea’s facial skin care sector accounts for up to 51 per cent of total market share, with retail sales figures being posted at $6.5 billion and set to grow to $7.2 billion by 2020, with a compound annual growth rate (CAGR) of 5.8 per cent.

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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.