KL&Partners Buys About 65% of Hapa Kristin Operator PPB Studios for About $96.6m
The color contact lens brand was bought without acquisition financing; the ~$148.3m valuation is about 40x 2025 operating income.
Deal structure: Secondary
Target financials (LTM)
| Revenue | $41m |
| Operating income | $4m |
| EBITDA | — |
| Net income | — |
Lead
Private equity firm KL&Partners bought about 65% of PPB Studios, operator of color contact lens brand Hapa Kristin, for about $96.6m. The share purchase agreement was reported in July 2026 and the deal closed the same month. No acquisition financing was used.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It follows KL&Partners’ 2025 acquisition of Manyo Factory. The largest selling shareholder was VIG Partners (about 42.97%), making it a fund-to-fund secondary deal. The enterprise value of about $148.3m was reported at roughly 3.7x 2025 revenue and about 40x operating income.
Deal terms
| Item | Figure |
|---|---|
| Deal value | about $96.6m (existing shares) |
| Stake acquired | about 65% |
| Enterprise value (reported) | about $148.3m |
| 2025 results (consolidated) | revenue $40.6m, operating income $3.7m |
| Reported multiples | about 3.7x EV/revenue, about 40x EV/operating income |
Financials from the DART 2025 consolidated audit report. Revenue grew from $27m in 2023 to $40.6m in 2025.