CVC Capital Partners Invests $206.9m in Silicon2 for a 9.23% Stake
A minority growth investment through newly issued redeemable convertible preferred shares.
FI Consumer & Retail #k-beauty #cross-border-inbound #minority
Deal value
$207m
at KRW/USD 1,450
Seller
Company (new shares)
Stake
9.2%
EV / Revenue
—
EV / EBITDA
—
100% equity value
$2.0bn
Issue price KRW 45,000 × 65,576,252 shares outstanding before the issue (pre-money); investment ÷ stake (post-money) is about KRW 3.25tn
Equity value / Op. income
14.4x
2025 연결 · DART 20260320001024
Equity value / Revenue
2.6x
2025 연결 · DART 20260320001024
Deal structure: Primary issuance
Target financials (LTM)
| Revenue | $770m |
| Operating income | $142m |
| EBITDA | — |
| Net income | $116m |
Lead
Global private equity firm CVC Capital Partners is buying $206.9m of new redeemable convertible preferred shares in listed K-beauty distributor Silicon2, giving it a 9.23% stake. Silicon2 disclosed the third-party rights issue on 18 August 2026. The issue price is KRW 45,000 per share.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is a minority growth investment rather than a control deal, one of the ways global capital is entering K-beauty distribution.
Deal terms
| Item | Figure |
|---|---|
| Investment | $206.9m (new RCPS) |
| Shares issued | 6,666,666 at KRW 45,000 each |
| Stake | 9.23% |
| Implied 100% equity value | about $2.04bn pre-money, about $2.24bn post-money |
| 2025 results (consolidated) | revenue $769.9m, operating income $141.7m |
Financials from the DART 2025 annual report; issue terms from the 18 August 2026 material event report.