IMM Private Equity, alongside five other South Korean private equity firms, is participating in a 800 billion won (approximately $600 million USD) funding round to support Goodai Global Inc.—a fast-growing K-beauty unicorn—as it pursues the acquisition of two prominent indie cosmetics brands totaling 750 billion won in value.
According to investment banking sources, IMM PE is currently conducting due diligence and is expected to invest 280 billion won through the purchase of convertible bonds. The transaction is projected to close by the end of August.
Fellow private equity players JKL Partners and Premier Partners are each set to contribute around 120 billion won in convertible bonds. Additional capital will be provided by Kiwoom Private Equity and venture capital firm Company K Partners.
Founded in 2016, Goodai Global focuses on marketing and distributing Korean beauty products. Since 2019, the company has followed an M&A-driven strategy inspired by L’Oréal’s acquisition model—rapidly expanding its brand portfolio across skincare, makeup, and manufacturing.
Its current holdings include popular indie names such as Beauty of Joseon, TIRTIR, House of Hur, and Laka Cosmetics, as well as Craver Corporation, a beauty wholesale and advisory business.
Goodai is reportedly finalizing a deal to acquire Seorin Company, the brand owner of Round Lab and its best-selling Dokdo Toner, for roughly 600 billion won. In addition, it is close to acquiring Skinfood, a heritage indie beauty brand, in partnership with The Hahm Partners.
These acquisitions are expected to significantly boost Goodai’s financial performance. Its EBITDA is projected to triple from 130 billion won in 2024 to 450 billion won in 2025. The most recent capital raise values Goodai at 4 trillion won—roughly 9x its forward EBITDA.
By securing major backing from top-tier private equity firms, Goodai continues to accelerate its consolidation of the K-beauty landscape, positioning itself as a formidable global competitor through strategic acquisitions and private capital partnerships.
Source: The Korea Economic Daily
