Private equity major CVC has acquired a 49% stake in Star Vision, the operator of Korea’s leading colour contact lens brand OLENS, according to an announcement.
The deal, which valued Star Vision in the upper 600 billion Korean won ($418 million) range, sees CVC signing a stock purchase agreement to acquire the stake from PS Alliance and Pearl Investment, the second-largest shareholders.
The two sellers acquired the stake from VIG Partners in June 2022, per the announcement. Star Vision remains with the founder and CEO Park Sang-jin, who holds a 51% equity stake.
In 2018, Park sold a 51% stake in management rights to VIG Partners for 137.5 billion won and bought it back for 210 billion won four years later. PS Alliance and Pearl Investment formed a consortium to participate in the reacquisition.
“From the beginning of this deal, we have been negotiating under the condition of maintaining a 51% equity stake, and we formed a partnership thanks to the flexible investment structure of CVC, which invests with a focus on founders,” Park was quoted as saying.
Star Vision has been a prominent player in both domestic and overseas markets, emphasising sustainable growth by supporting its franchise network rather than expanding store numbers.
The company’s 14-year strategy of fostering strong relationships with franchisees has helped solidify its leadership position in Korea. Internationally, the company operates over 400 outlets across Asia, including approximately 20 locations each in Hong Kong and Taiwan.
The acquisition marks the European PE firm’s first buyout deal in South Korea since its purchase of Yeogi Eottae, an accommodation app, in 2019.
It also follows the close of CVC’s sixth flagship Asia fund at $6.8 billion in February 2024. The fund makes control, co-control, and partnership investments in core consumer and services sectors across the region.
CVC, which manages $199 billion in assets, has been active in Asia since 1999 and has since made over 80 acquisitions in the region.
