Unilever to Buy Skincare Firm Carver Korea for $2.6B
September 25, 2017
International consumer products firm Unilever is moving to acquire South Korea’s fastest-growing skincare business, Carver Korea, and its brand AHC, in a transaction that positions the firm to strengthen its foothold in northern Asia and expand its Personal Care business, the company announced in a press release Monday.
“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,” said Alan Jope, president of Unilever’s Personal Care business, in a statement.
The AHC brand’s popularity has been accelerating as a result of its premium product offerings, according to Unilever. Purchasing the firm from Bain Capital Private Equity and Goldman Sachs for €2.27 billion, or about $2.6 billion, the consumer products giant said it believes the company is poised to grow both in the northern Asia region and beyond.
“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. “Unilever is a strong partner to help the company in its next phase of growth and development.”
Customary regulatory approvals must be secured prior to the transaction’s completion.
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