This article was published on July 25, 2025, at 4:41 p.m. on the ChosunBiz MoneyMove site.
Goodai Global, regarded as a major player in the K-beauty mergers and acquisitions market, is pursuing recapitalization financing used for the acquisition of Craver Corporation, which operates 'SKIN1004.' After just over seven months since the acquisition at the end of last year, a recapitalization plan worth over 200 billion won, equivalent to the transaction price at the time of acquisition, has emerged.
According to investment banking (IB) industry sources on the 25th, Goodai Global initiated a recapitalization financing of 70 billion won raised during the acquisition of Craver Corporation last December. The plan is to repay the originally designated financing provider, Sangsangin Investment & Securities, and this time select Kiwoom Securities and Samsung Securities as the financing providers.
The total amount raised is estimated to be over 200 billion won. The private equity funds, Mirae Equity Partners and The Turning Point, each acquired 85% of Craver Corporation, with the scale being equivalent to the acquisition amount (245 billion won), and will pursue refinancing of acquisition financing, repayment of financial investors (FI) funds, and equity expansion.
In December of last year, Goodai Global formed a consortium with private equity fund managers Mirae Equity Partners and The Turning Point to acquire a controlling equity stake (85.4%) in Craver Corporation. At that time, Goodai Global invested 100 billion won as a strategic investor, while two financial investors raised 75 billion won, using 70 billion won in acquisition financing.
Goodai Global's recapitalization financing for the acquisition of Craver Corporation is reported to focus more on restructuring governance than refinancing. This is because Goodai Global plans to buy some equity holdings from financial investors in addition to the refinancing, raising its stake in Craver Corporation to 51%.
Goodai Global currently controls Craver Corporation through a special purpose company (SPC) named TM Beauty, formed with Mirae Equity Partners and The Turning Point. Considering that Goodai Global holds a 57.1% stake in TM Beauty, the effective ownership stake in Craver Corporation is 48.8%, and an additional acquisition of 2.2% is planned.
While the acquisition financing structure is expanding more than three times compared to before, the gathering of the main lenders is reported to be going smoothly. This is because the cosmetic brand SKIN1004 and 'Idenel,' operated by Craver Corporation, are riding the wave of K-beauty popularity, expanding into Africa as well as the United States and Europe, leading to rapid growth.
In fact, Craver Corporation reported a consolidated revenue of 318.1 billion won last year, a 232% increase compared to 95.6 billion won the previous year. During the same period, operating profit surged from 10.2 billion won to 80.2 billion won. On an individual basis, Craver Corporation is estimated to have generated 30.34 billion won in revenue and 7.01 billion won in operating profit last year.
Most importantly, the EBITDA (earnings before interest, taxes, depreciation, and amortization), which reflects the company's cash-generating ability, was reported at 114.7 billion won on a consolidated basis last year. Even if the recapitalization amount increases to over 200 billion won, it is expected to remain at a level not exceeding double the EBITDA, which has led to assessments that the risk is sufficiently manageable by the financial sector.
A source in the securities industry said, 'With this recapitalization, Goodai Global will be able to lead the initial public offering (IPO) of Craver Corporation or further restructuring on its own,' and added, 'There is also an aspect of aiming to form future transaction relationships behind the participation of the three financing providers—securities firms and banks—in this recapitalization.'