This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:26 p.m. on Aug. 5, 2026.
Private equity fund (PEF) manager KL&Partners has completed the acquisition of PPB Studios, the operator of the color contact lens brand "Hapa Kristin."
According to the investment banking (IB) industry on the 5th, KL&Partners completed payment of the acquisition price for PPB Studios at the end of last month and closed the transaction. The sale involved about 65% equity in PPB Studios held by existing shareholders, including Vision Equity Partners.
KL&Partners and the existing shareholders signed a share purchase agreement (SPA) early last month and have proceeded with procedures to close the transaction. The transaction amount is said to be about 140 billion won.
No acquisition financing was used for this deal. KL&Partners is said to have covered the entire acquisition price with equity raised from existing funds and other sources.
However, there is also a view that the purchase price is not low based on current performance alone. A simple calculation of acquiring 65% equity for about 140 billion won puts the total equity value of PPB Studios at about 215 billion won. That is about 3.7 times last year's sales of 58.9 billion won and 40 times operating profit of 5.3 billion won.
Still, the buyer considered Hapa Kristin's growth potential more important than current performance. PPB Studios' sales increased from 39.2 billion won in 2023 to 49 billion won in 2024 and 58.9 billion won last year. That means around 20% topline growth annually over the past two years. Profitability is also improving, with operating profit turning to the black last year.
In particular, Hapa Kristin is cited as a brand with greater room for additional growth overseas than in Korea. From the early days of the launch, PPB Studios directly entered the Japanese and U.S. markets. Japan sales in the third quarter of last year are said to have roughly doubled from a year earlier.
PPB Studios was founded in 2011 and launched Hapa Kristin in 2019. By hiring Jang Won-young of the girl group Ive as an advertising model, it raised its profile at home and abroad. It operates offline stores in places including Tokyo and Los Angeles.
Meanwhile, KL&Partners last year acquired a 51.87% controlling equity stake in Manyo Factory for about 190 billion won. Manyo Factory is similar to PPB Studios in that it is growing rapidly overseas, particularly in Japan. Sixty percent of Manyo Factory's total sales come from overseas, of which about 60% are from Japan.
An IB industry official said, "KL&Partners appears to be seeking to expand its K-beauty portfolio from skincare to the color lens segment to create synergy."