Unilever is to acquire Korean skincare brand Carver Korea from Bain Capital Private Equity and Goldman Sachs for €2.27 billion.
Carver Korea, founded in 1999, has shown exponential growth over the last five years; delivering sales of €321 million and EBIDTA of €137 million in 2016.
Carver has become one of the fastest-growing skincare brands in South Korea through sales of its brand AHC. AHC’s portfolio is focused on two high-demand consumer spaces: age management and hydration and nourishment. The range includes the hero product: Eye Cream for Face, along with essences, toners, moisturisers, masks, and sun protection.
Unilever President Personal Care Alan Jope commented: “We are delighted to be acquiring Carver Korea. It is an impressive business that is completely aligned to our Personal Care strategy. It will significantly strengthen our position in North Asia, the largest skincare market in the world; and will complement our existing portfolio, enabling us to offer luxury skincare products at attainable price points. AHC has been strongly gaining popularity thanks to its efficacious, innovative and premium products; and it therefore offers great opportunities for growth.”
Bain Capital Private Equity Managing Director Ed Han said: “This has been a great opportunity for us to partner with a leading Korean company in an exciting segment of the cosmetics space and to help support its brand, operations and growth around the world. Unilever is a strong partner to help the company in its next phase of growth and development.”
Unilever added that Carver’s strong position in the K-Beauty space will strengthen its expertise in the Asian beauty market and its Personal Care category globally.
