Macquarie PE Signs About $206.9m Deal for Hwaseong Cosmetic and Nowcos
Macquarie buys two cosmetics ODMs from Affirma Capital as a package; the founder's remaining 30% is planned to be acquired later.
Deal structure: Secondary
Target financials (LTM)
| Revenue | $76m |
| Operating income | $14m |
| EBITDA | — |
| Net income | — |
Lead
Macquarie PE signed a share purchase agreement in September 2026 to buy 70% of cosmetics ODM Hwaseong Cosmetic and 100% of Nowcos from Affirma Capital for about $206.9m. Named preferred bidder in August, it beat a Korean PE consortium and a European strategic investor. The founder’s remaining 30% of Hwaseong Cosmetic is planned to be acquired later.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
Affirma Capital acquired 70% of Hwaseong Cosmetic in 2019 and added Nowcos as a bolt-on in 2022. Its first sale attempt in 2024 did not go through, and the relaunched 2026 sale drew five to six preliminary bidders. It is a fund-to-fund secondary buyout.
Deal terms
| Item | Figure |
|---|---|
| Deal value | about $206.9m (two-company package) |
| Stakes | 70% of Hwaseong Cosmetic, 100% of Nowcos |
| Hwaseong Cosmetic 2025 results (consolidated) | revenue $76.3m, operating income about $13.7m |
Multiples are not calculated because the price covers two companies.