[THE INVESTOR] Goldman Sachs has bought a majority stake in local cosmetics company Carver Korea in a deal worth some 400 billion won (US$ 341.7 million), an industry source said Friday.

A consortium, formed by Goldman Sachs and private equity fund Bain Capital, has struck a deal to acquire more than 50 percent stake in Carver Korea. Before the deal, 60.17 percent shares were owned by the cosmetic maker’s chief executive Lee Sang-rok. 


Carver Korea, which is well-known here for its beauty product brand AHC, has a market value of 700 billion won. IB industry sources said the consortium will also get management rights.

The move comes as Korean cosmetics companies are rapidly expanding their overseas presence on the back of hallyu -- Korean Wave.

Established in 1999 with a capital of 4.9 billion won, Caver Korea has several fashion and makeup brands under its wing including Vivito and Shara Shara. The company posted an operating profit of 48.3 billion won and 156.5 billion won in sales in 2015.

By Park Han-na (hnpark@heraldcorp.com)