TPG to acquire Samhwa (and affiliates) for KRW 300bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $207m
- Stake
- —
- Implied 100%
- —
- Revenue
- $93m
- Op. income
- $13m
- Multiples
- —
2022 · Multiple reports agree
2022 · Multiple reports agree
- Target
- Samhwa (and affiliates) · Cosmetic packaging
- Buyer
- TPG · FI
- Seller
- Chairman Cho Hwi-cheol and CEO Cho Sung-hwan
- Structure
- —
- Announced
- Jul 14, 2023
- Closed
- —
- Stage
- Signed
Target
Samhwa, which began as Samhwa Mold in 1977, manufactures functional cosmetic containers and pumps; roughly half of its sales were reported to come from overseas customers such as L'Oreal, Estee Lauder, Chanel and LVMH. Affiliates Samhwa P&T (mold design) and Namryun Hitech (coating/deposition) were included in the transaction.
Deal rationale
Invest Chosun reported that Samhwa's growth potential was seen as high because about half of its revenue comes from overseas customers. The sellers were founder Cho Hwi-cheol and his son CEO Cho Sung-hwan (and related parties); the founding family was reported to reinvest part of the proceeds and stay involved in management. Dealsite reported TPG was expected to use its Asia Fund VIII, with TPG deputy head Yoon Shin-won leading the deal. Hankyung (July 2025) reported TPG signed an SPA to sell 100% to KKR for KRW 900bn.
| Revenue | $93m |
| Operating income | $13m |
| EBITDA | — |
| Net income | — |
2022 · Multiple reports agree (not yet checked against DART)
Press coverage
- 인베스트조선 (2023-07-14): “전체 거래 규모는 3000억원 수준으로 거론된다”
- 한국경제 (2025-07-21): “2023년 11월 3000억원에 인수한 지 1년8개월 만에”
- 딜사이트 (2023-07-14): “삼화는 화장품 플라스틱 용기를 제작하는 회사다.”
- 헤럴드경제 (2025-08-07): “2023년 11월 약 3000억원에 인수”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.