VIG Partners, a South Korean home-grown private equity fund, said Monday it has acquired P&C Co., a leading facial pack manufacturer that occupies 70 percent of the local market. The deal that involves the transfer of management rights is worth 145.6 billion won ($126.5 million).
P&C established by current president Sohn Chul-jae in 2008 provides facial pack sheets to cosmetics makers. The company grew at a staggering pace with its sales surging to 92 billion won on 23.2 billion won in operating profit last year from sales of 16.7 billion won in 2013.
It has capacity to produce about 1.8 billion pack sheets a year and supplies to over 300 corporate clients. After the acquisition, Sohn will remain as the second largest shareholder to lead the company together with new managers from the fund.
By Kang Doo-soon
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