KKR Acquires Korea’s Samhwa in $528 Million Deal

Global private equity firm KKR has agreed to acquire Samhwa Co., a leading South Korean cosmetics packaging manufacturer, from TPG in a transaction valued at 733 billion won (approximately $528 million).

Founded in 1977, Samhwa has evolved from a mold maker into a global supplier of packaging solutions for more than 300 beauty brands, including L’Oréal, Estée Lauder, Chanel, and LVMH. TPG, which invested in Samhwa in 2023, is now exiting the business through this sale to KKR.

The deal adds to KKR’s track record of investments in South Korea, spanning sectors such as fashion (Musinsa), energy (SK E&S), and recycling (Ecorbit). Under KKR’s ownership, Samhwa plans to leverage the firm’s international reach to strengthen partnerships with global luxury beauty companies.

The acquisition comes as South Korea cements its position as one of the world’s top exporters of cosmetics, highlighting the critical role that packaging specialists play in enhancing the industry’s global competitiveness. For investors, it underscores ongoing appetite for Korean beauty-related assets, particularly upstream suppliers serving multinational luxury brands. For KKR, the move deepens its exposure to South Korea’s growing influence in the global beauty ecosystem, where packaging innovation and scale are key to supporting international expansion.