Private equity fund (PEF) management company KL & Partners will acquire the management rights of the cosmetics brand MA:NYO. Although a transaction fell through last year, both sides ultimately reached an agreement.
On the 3rd, according to the investment banking (IB) industry, KL & Partners signed a memorandum of understanding (MOU) to acquire 51.87% of the equity of MA:NYO, held by L&P Cosmetic, for 190 billion won. They plan to enter into a stock purchase agreement (SPA) soon.
Both sides assessed MA:NYO's corporate value at approximately 370 billion won. Considering the market capitalization of 250 billion won based on the closing price of the day, this reflects a 48% management premium.
KL & Partners is reported to have taken the initiative to acquire management rights with an eye on MA:NYO's potential for overseas expansion. As the so-called 'K-beauty' gains explosive popularity in overseas markets, they believe MA:NYO's corporate value could increase further in the future.
MA:NYO, established in 2012, is a cosmetics company with L&P Cosmetic as its largest shareholder. The largest shareholder's equity ratio, including L&P Cosmetic and Yu Geun-jik, the CEO of MA:NYO, totals 54.24%. They were listed on the Korea Securities Dealers Automated Quotations (KOSDAQ) in June 2023.
MA:NYO primarily sells functional whitening care products derived from naturally fermented extracts. Its flagship brand 'ma:nyo' is complemented by skincare brands such as 'Our Vegan' and color cosmetics brands like 'Vanilla Boutique' and 'No Mercy.'