Korean buyout fund VIG Partners on Thursday announced that it is acquiring a 100% stake in home and personal care firm The Skin Factory, which sells hair and body care products under the Kundal brand.
The acquisition was made through VIG Partners Fund IV, which closed in late 2019 at $850 million. The transaction value was not disclosed.
Established in October 2016, The Skin Factory has expanded its product offerings from hair and body care products initially to 23 different categories, including oral care, home care and pet care.
The company said its Kundal products generated overseas revenue of 10 billion won ($8.8 million) in 2020.
VIG aims to expand the company’s product categories and actively expand overseas.
“Kundal is a unique, groundbreaking brand that shifts the dynamics of a low growth offline HPC market which was controlled by a few chaebol-affiliated brands,” said VIG managing partner Chulmin Lee. “We are strongly convinced that Kundal is set to evolve into a leading K-Personal Care brand that provides customers with distinctive values through product and sales channel differentiation.”
Established in 2005, VIG Partners invests in small and medium-sized enterprises across a range of industries such as financial services, consumer goods, online and mobile commerce, and household appliances.
Since its inception, it has invested in at least 21 portfolio companies through its three vehicles and now manages over $3 billion in assets.
Last year, VIG Partners signed a definitive agreement to acquire a controlling stake in Preedlife Co., Ltd., the leading funeral service provider in Korea. The transaction marked the second investment by VIG Fund IV.