This article was posted on the ChosunBiz MoneyMove (MM) site at 3:45 p.m. on Oct. 20, 2025.
Private equity firm Ocean Front Partners is set to become the new owner of K-beauty brand Tokobo.
According to the investment banking industry on the 20th, Ocean Front Partners recently signed a share purchase agreement (SPA) to acquire 60% of the management shares of Picton, the operator of Tokobo.
The sale targets are portions of the equity held respectively by Picton founder and largest shareholder Lee Byung-hoon and the second-largest shareholder, K-beauty distribution company SILICON2, and the transaction is reported to be about 52 billion won.
Picton is a second-generation K-beauty brand operator founded in 2021 by CEO Lee, a former member of the Samsung Electronics mobile division, who noted the rising popularity of K-beauty in global markets such as the United States and Japan.
It launched Tokobo, a vegan skincare brand targeting people in their 20s, differentiating its products with items such as a sun stick instead of a sunscreen and a color lip balm with added pigmentation. It rose to the ranks of mid-sized brands within four years of its founding.
According to the Small and Medium Business Administration's Small Business Status Information System, Picton's sales grew from 1.9 billion won in 2022 to 29.3 billion won last year, a 15-fold increase in two years. Last year's operating profit was recorded at 5.5 billion won.
Ocean Front Partners is said to have highly rated Picton's global growth potential. The company is focusing on targeting local distribution channels globally and has been producing results not only in the United States and Japan but also in South American markets.
Currently, Tokobo is stocked in local health and beauty (H&B) stores in major South American countries such as Mexico and Chile, and it maintains the top sales position in sun protection product categories such as sunscreen and sun sticks.
The fact that SILICON2, known as a global gateway for K-beauty, is a major shareholder is also cited as an advantage. SILICON2 participated as an early investor in Picton and was the second-largest shareholder with a 29.7% equity stake.
When CEO Lee began selling Picton shares to a third party, SILICON2 exercised its tag-along right to sell its holdings at the same price, but it decided to continue holding half of its equity (14.7%).
Ocean Front Partners is a private equity firm led by CEO Song Sang-hyun, who formerly served as president of Daol PE, and was founded in 2022. It made a name in the market last year by acquiring management rights of Hanseong PC Construction, a construction affiliate of LS Group.
Picton said that it is true that the equity sale procedure has proceeded in relation to the change of the largest shareholder to Ocean Front Partners, but added that at this time it cannot disclose information about the acquiring party.
Meanwhile, investments by private equity firms in K-beauty continue. Earlier this year KNL Partners acquired MA:NYO, and major private equity firms flocked to invest in Goodai Global, famous for Beauty of Joseon.
An IB industry official said K-beauty has product quality and price competitiveness in addition to the power of Korean culture, and it is still considered an industry with significant growth potential.