Unilever to buy Carver Korea for €2.27bn

Unilever share price Group to buy Carver Korea for €2.27bn

But the company has also been adding to its personal-care with deals like the purchase of brands such as Savital shampoo from Latin America consumer goods giant Quala, in May, and Dollar Shave Club previous year.

In this photo provided by AHC, cosmetics brand under Carver Korea, South Korean actress Lee Bo-young poses for a photo in front of a photo wall in Seoul on September 5, 2017.

Carver sells age-management, skin-hydration and skin-nourishment products under the brand AHC.

The Anglo-Dutch behemoth said Carver was "an impressive business" and highlighted the deal will boost its profile across North Asia, which is now the largest market in the world for skincare products. "'They also bring us disruptive business models and business styles that are entrepreneurial, helping transform our business culture'". The two had formed a consortium past year to buy the stake for 430 billion won.

There are, no doubt, a few investment bankers walking around with their chok-chok glowing this morning. In 2015, Carver posted total sales of about $130 million.




Carver Korea, Bain Capital and Goldman Sachs were not immediately available for comment. "Based on that figure, Unilever paid 16.6 times EBITDA, in line with home and personal care deals over the past decade".

Bain and Goldman held 60.39 percent of Carver at the end of 2016, while its founder Lee Sang-rok held a 35 percent stake.

"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", said Ed Han, managing director for Bain Capital Private Equity, in a Unilever press release.

South Korean cosmetics companies had robust growth in past years, helped by strong Chinese demand, which has weakened recently amid geopolitical disputes in the region.

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