This article was published on Aug. 7, 2025, at 2:10 p.m. on the ChosunBiz MoneyMove site.
Goodai Global, a cosmetics company referred to as 'the Korean version of L'Oréal,' has confirmed that it attracted investments worth 800 billion won from domestic private equity funds (PEF) and promised to go public within three years. Having emerged as a 'big player' in the cosmetics mergers and acquisitions (M&A) market, Goodai Global has been acquiring cosmetics companies consecutively, currently boasting a valuation of 4 trillion won.
According to investment banking (IB) industry sources on the 7th, Goodai Global is negotiating the detailed terms of convertible bonds (CB) to be issued soon with private equity fund managers. The investment is expected to be completed by the end of this month. Goodai Global has set the condition of going public (IPO) within three years as of the transaction closing date. If the listing fails, they are negotiating a structure that will buy back the issued CBs to investors, guaranteeing a certain rate of return.
The issuer of CBs guarantees the repayment of principal at maturity while paying investors a certain interest. Before maturity, if investors convert CBs into stocks, they can aim for additional revenue from the increase in corporate value. However, Goodai Global is still a private company. Both sides are understood to have added qualifying listing requirements to increase the stability of additional revenue from stock conversion.
Private equity fund managers have agreed to share the acquisition of Goodai Global's 800 billion won CBs. IMM Private Equity is expected to acquire 280 billion won worth, Premier Partners 160 billion won, and IMM Investment and JKL Partners 140 billion won and 70 billion won, respectively. The remaining amount will be covered by Kiwoom Private Equity (PE) and the venture capital (VC) firm Company K Partners.
Goodai Global's capital raise is reportedly aimed at securing funds for the acquisition of another cosmetics company, Seorin Company (600 billion won), and Skin Food (150 billion won). Financial investors (FI) involved in this investment are said to have decided to invest, judging that Goodai Global's rapid growth rate and market expansion potential make its corporate value attractive.
Although Goodai Global's corporate value reaches 4 trillion won, this deal marks its first capital raise. Despite spending hundreds of billions of won to acquire various cosmetics brands, it has secured acquisition funds by attracting FIs as partners. They have partnered with The Hahm Partners (for the acquisition of TIRTIR and Skin Food), Mirae Equity and The Turning Point (for the acquisition of Craver), and Company K Partners (for the acquisition of Seorin Company).
Last year, Goodai Global reported an earnings before interest, taxes, depreciation, and amortization (EBITDA) of 130 billion won, but this year's expected EBITDA has surged to 450 billion won, driven by aggressive brand acquisitions. Goodai Global has been expanding its business over the past 2 to 3 years by consecutively acquiring small cosmetics brands such as Beauty of Joseon, TIRTIR, LAKA Cosmetics, and Craver Corporation, starting with 'Beauty of Joseon' in 2019.
An official in the IB industry noted, 'The CB has a maturity of 7 years, with interest rates around 5-6%. From an investor's perspective, it is better to pursue profit by selling stocks after Goodai Global's IPO,' adding, 'The corporate value at the time of listing will be determined at a level that guarantees a certain return to FIs.'