Unilever To Buy Korean Skincare Firm Carver Korea For EUR 2.27 Bln

(RTTNews) - Consumer goods giant Unilever plc (UN, ULVR.L, UL) Monday said it has agreed to acquire Carver Korea, a Seoul-based maker of toners and moisturizers, for 2.27 billion euros from Bain Capital Private Equity and Goldman Sachs. The company expects the acquisition to help it to gain ground in the Korean beauty market, said to be the fourth largest skincare market in the world.

The transaction is subject to customary regulatory approvals.

Carver was founded in 1999 as an aesthetics company supplying professional products to beauty salons. Through sales of its brand, AHC, the company now has become the fastest-growing skincare business in South Korea, a source of global beauty trends.

AHC portfolio includes age-management, skin-hydration and skin-nourishment products. In 2016, the company delivered sales of 321 million euros and EBITDA of 137 million euros.

The acquisition is expected to strengthen Unilever's expertise in the Asian beauty market, and its Personal Care category globally.

Alan Jope, Unilever President Personal Care, said "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. AHC has been strongly gaining popularity thanks to its efficacious, innovative and premium products; and it therefore offers great opportunities for growth."

In London, Unilever shares were trading at 4,271.50 pence, up 0.11 percent.