This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:23 p.m. on July 30, 2026.
IMM Investment, a major domestic venture capital (VC) firm, is pushing to acquire equity in Craver Corporation, a subsidiary of Goodai Global. Private equity fund (PEF) manager The Turning Point plans to sell part of its existing shares.
As the parent company, Goodai Global, prioritized an initial public offering (IPO) at home, clouding the prospects for Craver Corporation's listing in Japan due to concerns over dual listing, The Turning Point is seen seeking to sell part of its equity to recoup its investment early.
According to the investment banking (IB) industry on the 30th, IMM Investment is currently pursuing a plan to acquire part of TM Beauty's equity. TM Beauty is a special purpose company (SPC) established by Goodai Global and financial investors (FIs) to acquire Craver Corporation, and it controls Craver Corporation through Japan's Craver Holdings. The ownership structure is "Goodai Global (53.21%)→TM Beauty (88.71%)→Japan's Craver Holdings (97.29%)→Craver Corporation."
If the transaction is completed, The Turning Point will recover part of its investment early and IMM Investment will join as a new FI. The specific scale of the equity acquisition has not been finalized.
Earlier, in 2024, Goodai Global, together with FIs including Mirae Equity Partners and The Turning Point, established the acquisition vehicle TM Beauty and acquired management control of Craver Corporation for about 245 billion won. At the time, The Turning Point raised a project fund of about 35 billion won and Mirae Equity Partners raised about 40 billion won to provide acquisition funds. The remainder was financed through Goodai Global's investment and acquisition financing.
Since then, the Goodai Global consortium has been reviewing a plan to list Craver Holdings on the Tokyo Stock Exchange in the third quarter next year. However, with the parent company Goodai Global recently prioritizing a domestic listing, concerns reportedly grew that a Japanese listing of the subsidiary Craver Holdings could be seen as a dual listing.
Goodai Global is pursuing a plan to file for a preliminary listing review within the year to list on the Korea Exchange (KRX) main board. Craver Corporation is a key subsidiary that accounts for a large share of Goodai Global's consolidation results. Last year's sales for the TM Beauty group, including Craver Corporation, totaled 677.9 billion won, equivalent to about 46% of Goodai Global's consolidated revenue.
Even if the parent company Goodai Global goes public, it will be difficult for the FIs that invested in Craver Corporation to participate in a secondary offering and recover their investment. That is because the FIs did not invest directly in Goodai Global but set up a separate SPC with Goodai Global to acquire Craver Corporation. Existing FIs must recover their investment through a Japanese listing of Craver Corporation, an equity sale to a third party, or Goodai Global's buyback of equity.
However, there is also talk that Goodai Global is pushing a plan to make Craver Corporation a 100% subsidiary, raising the possibility that IMM Investment's purchase of existing shares may fall through.