North Asia-focused private equity (PE) powerhouse MBK Partners is selling its Chinese premium beauty service Siyanli to Hong Kong-listed beauty and health management group Beauty Farm for 1.25 billion yuan ($175.4 million).
Beauty Farm Medical and Health Industry, which now runs a nationwide network of over 730 stores in China, announced its plan to acquire 100% of Shanghai Siyanli Industrial through a combination of cash and equity. The Hong Kong-listed company will pay 67% of the transaction in cash, while the remaining 33% will be settled in newly issued shares.
The buyer also arranged leveraged financing to cover 41% of the deal, meaning that it would utilise only 330 million yuan ($46.3 million) of its own funds to complete the 1.25-billion-yuan acquisition. The deal valued Siyanli at a price-to-earnings (P/E) ratio of 14.8x, Beauty Farm said.
Upon closing, Siyanli will become an indirect wholly-owned subsidiary of Beauty Farm.
The transaction would see MBK Partners exit from Siyanli after the PE firm first picked up a 23.53% stake in the company in 2019 through its MBK Partners IV and further increased its shareholding position to 100% in the years that followed.
The transaction is arguably the largest M&A in China’s beauty service industry so far this year. Founded in 1996, Siyanli offers premium salon skincare products, as well as skincare and beauty experiences for women in top-tier cities.
As of June 30, 2025, the company operated 163 premium beauty services stores and 19 aesthetic medical clinics across 48 major cities in China. It recorded revenue of 850 million yuan ($119.3 million)—more than 90% of which came from 20 tier-one cities and new tier-one cities—and net profit of 81 million yuan ($11.4 million) in 2024, according to its unaudited financial results.
The deal marks yet another sizeable acquisition made by Beauty Farm in the highly fragmented Chinese beauty industry within two years. In March 2024, Beauty Farm purchased 70% of Chinese beauty brand Naturade for 350 million yuan ($49.1 million).
Founded in 2005, MBK Partners manages over $31 billion of capital and focuses on various industries, including consumer and retail, telecommunications and media, financial services, healthcare, logistics and industrials.
It has 108 investment professionals across five offices in North Asia, including Beijing, Hong Kong, Seoul, Shanghai, and Tokyo.
