Arc & Partners Acquires About 90% of Cosmetics Container Maker Changshin
Enterprise value of just over $137.9m; 2024 revenue was $51.1m and operating income $12m.
- Deal value
- —
- Stake
- 90%
- Implied 100%
- —
- Revenue
- $51m
- Op. income
- $12m
- Multiples
- EV/Sales 2.7x
구주
Price undisclosed; the reported enterprise value (just over KRW 200bn) is not an equity value, so no figure is derived
2024 별도 · DART-verified
2024 별도 · DART-verified
On implied equity value
DART 20250407002412
- Target
- Changshin · Cosmetic packaging manufacturing
- Buyer
- Arc & Partners · FI
- Seller
- Largest shareholder CEO Kim Sung-yong and others
- Structure
- Secondary
- Announced
- Dec 29, 2025
- Closed
- —
- Stage
- Closed
Target
Changshin, founded in 1988, manufactures and distributes cosmetic containers for some 600 domestic and overseas brands including indie skincare labels, and is reported as Korea's fifth-largest in the category after Pumtech Korea, Yonwoo, Samhwa and Cocospack; annual capacity is about 65 million units.
Deal rationale
Ark & Partners signed an SPA in October 2025 with largest shareholder Kim Sung-yong and others for about 90% and paid the balance in December, at a reported enterprise value in the low-to-mid KRW 200bn range. An Ark & Partners official said 'continuous and structural growth of K-beauty is expected,' describing it as a 'pick-and-shovel' strategy of investing in an adjacent industry (containers) tied to a core growth sector (cosmetics brands). Funding reportedly came from its first blind fund formed in 2025 and other vehicles.
| Revenue | $51m |
| Operating income | $12m |
| EBITDA | — |
| Net income | — |
2024 별도 · DART-verified · 20250407002412
Lead
Private equity firm Arc & Partners acquired about 90% of cosmetics container maker Changshin. The share purchase agreement was signed in October 2025 and the deal closed with the final payment in late December. The reported enterprise value was just over $137.9m; the purchase price was not disclosed.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
The deal targets a packaging supplier rather than a brand, showing how private equity is investing across the K-beauty value chain. After closing, Changshin appointed a professional CEO for the first time since its founding.
Deal terms
| Item | Figure |
|---|---|
| Stake acquired | about 90% |
| Enterprise value (reported) | just over $137.9m |
| 2024 results (separate) | revenue $51.1m, operating income $12m |
| Simple multiples (on $137.9m EV) | about 2.7x EV/revenue, about 12x EV/operating income |
Financials from the DART 2024 audit report.