KKR acquires 100% of Samhwa (cosmetics packaging) for KRW 733bn

FI Consumer & Retail Cosmetics packaging

Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.

Deal value
$506m
Stake
100%
Implied 100%
$506m

Deal value ÷ stake (structure unconfirmed)

Revenue
—
Op. income
—
Multiples
—
Target
Samhwa (cosmetics packaging) · Cosmetics packaging
Buyer
KKR · FI
Seller
TPG
Structure
—
Announced
Jul 21, 2025
Closed
Sep 4, 2025
Stage
Closed

Target

Samhwa, founded in 1977 as a mold maker, became a cosmetics container and pump manufacturer supplying more than 300 brands from Korean indie labels to global luxury houses. Its signature product is an airtight cushion compact, and it covers R&D through assembly, inspection and distribution.

Deal rationale

TPG was reported to have bought Samhwa and affiliates for about KRW 300bn in November 2023 and signed an SPA to sell 100% to KKR about 20 months later. KKR cited the global spread of K-beauty and Samhwa's product technology, global network and operating capability, and was reported to have won against Blackstone and Carlyle.

PE 세컨더리해외 진출

Reported multiples

  • EV/EBITDA 19.0x 2024년 EBITDA 386억원 기준, 인수가 약 7,330억원 source ↗

Press coverage

  • 딜사이트 (2025-09-04): “KKR은 삼화 지분 인수에 약 7330억원(약 5억2800만달러)를 투입한다.”
  • 한국경제 (2025-07-21): “TPG는 삼화 지분 100%를 KKR에 매각하는 주식매매계약(SPA)을 체결했다.”
  • Bloomberg (2025-09-04): “valuing the South Korean cosmetics packaging firm at 733 billion won ($528 million)”
  • 딜사이트 (2026-01-20): “▲KKR의 삼화 인수(7330억원)”
  • IB토마토 (2025-10-01): “삼화의 지난해 EBITDA 규모가 386억원이었다는 점을 고려하면 멀티플 19배를 인정받은 셈으로”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.