Global private equity firm KKR has agreed to acquire Samhwa Co., a South Korean manufacturer of cosmetics containers and dispensers, from TPG, while IFC has completed its investment of 500 billion Vietnamese dong (equivalent to $19.2 million) into VETC Joint Stock Company (VETC).
KKR acquires Korea’s Samhwa from TPG for $577.5m
Global private equity firm KKR has agreed to acquire Samhwa Co., a South Korean manufacturer of cosmetics containers and dispensers, for 800 billion won (approximately $577.49 million), local media reported.
According to the investment banking industry, TPG has signed a deal to sell its 100% stake in Samhwa to KKR.
The transaction marks a blockbuster exit for TPG, which is set to pocket a nearly threefold return on its investment.
TPG acquired Samhwa and four affiliated entities in November 2023 for around 300 billion won. Including dividends and other capital returns, TPG is estimated to have earned close to three times its original investment, implying an internal rate of return (IRR) of about 75%.
Local media also reported that KKR beat out other global private equity heavyweights, including Blackstone and Carlyle in this deal.
Established in 1977, Samhwa has emerged as one of South Korea’s leading manufacturers of cosmetic dispensers and bottles, evolving into a specialised leader in the industry. Alongside rivals Pumtech Korea and Yonwoo, it ranks among the top three cosmetics packaging producers in the country, commanding an estimated market share of around 17%.
IFC invests $19.2m into VETC Joint Stock Company
International Finance Corporation (IFC), a member of the World Bank Group, has completed its investment of 500 billion dong (equivalent to $19.2 million) into VETC Joint Stock Company (VETC), a Vietnamese electronic toll collection (ETC) system operator, according to a disclosure.
This investment, which is in the form of a convertible bond, aims to accelerate the company to scale its operations and enhance connectivity and road safety and improve efficiency for millions of road users.
It also empowers VETC to significantly expand its ETC system coverage across toll roads across the country by 2030. The funding will also support VETC in diversifying its offerings to include other transport-related digital payment services, such as e-parking, airport entrance fees, and cashless fuel station transactions.
Founded in 2015, VETC operates ETC systems on tolled roads and expressways across Vietnam under long-term contracts with road operators. The Hanoi-headquartered company manages 126 toll plazas and nearly 700 toll lanes nationwide, servicing over 3.8 million cars.
VETC currently holds a 75% market share in the ETC sector, according to the parent company Tasco JSC’s 2024 annual report.
