The private equity fund (PEF) management company Ascent Equity Partners (Ascent EP) will acquire the color cosmetics company C&C International, which is listed on KOSDAQ.
According to the investment bank (IB) industry on the 23rd, Ascent EP signed a contract to acquire a 40% stake in C&C International for a total of 285 billion won. They will acquire 20% of the equity held by the current largest shareholder, Chairman Bae Eun-cheol, for 140 billion won, and plan to issue new shares worth 145 billion won.
As a financial investor (FI), Ascent EP is considering establishing a fund in which Shinsegae will invest. This fund plans to acquire C&C International through a newly established special purpose corporation (SPC).
Ascent EP has already invested 30 billion won in C&C International in 2023. With a solid network established, it is expected to play a significant role in the overseas expansion of C&C International's clients.
With this sale, the Bae family's equity stake is expected to decrease to the 30% range. Currently, Chairman Bae holds 26.41%, while his spouse, Choi Hye-won, and daughter, Bae Soo-ah, each hold 19.81%. The existing management team has decided to remain with the company even after the sale of management rights.
C&C International, established in 1997, is an ODM specializing in color cosmetics. Its clients include over 100 domestic and international road shops and premium brands. More than 30% of its revenue comes from North America. Last year's revenue amounted to 282.8 billion won, an increase of 28.4% from the previous year. The earnings before interest, taxes, depreciation, and amortization (EBITDA) was 38.7 billion won.