Unilever has entered an agreement to purchase skincare company Carver Korea from Bain Capital Private Equity and Goldman Sachs for €2.27bn.

Founded in 1999, Carver provides professional aesthetic products to beauty salons in South Korea. The acquisition is expected to expand Unilever’s personal care category and support its footprint in the Asian beauty market.

Unilever's personal care president Alan Jope said: “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.”

With strong growth reported over the past five years, Carver’s sales and earnings before interest, tax, depreciation, and amortisation (EBITDA) were €321m and €137m respectively in 2016.

"The acquisition is expected to expand Unilever’s personal care category and support its footprint in the Asian beauty market."

The firm’s sales figures are primarily made through its Aesthetic Hydration Cosmetics (AHC) brand, which includes products for age management, moisturisation, and nourishment. The brand’s portfolio comprises a variety of essences, toners, moisturisers, masks, and sun protection products.

Carver Korea also provides different makeup and fashion products across various brands, including Shara and Vivito.

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.”

Subject to customary regulatory approvals, the transaction follows Unilever’s deal signed in June this year to buy colour cosmetics brand Hourglass.


Image: Carver Korea’s KHC brand products. Photo: © Unilever.