Macquarie Asset Management acquires Korean cosmetics ODM firms for $217M

The Australian firm signed a stock purchase agreement on January 18 to acquire a 70% stake in Hwasung and 100% of Nowcos from private equity firm Affirma Capital.

Hwasung specialises in colour cosmetics, while Nowcos focuses on base cosmetics. Both companies operate as original design manufacturers (ODM). Macquarie was selected as the preferred bidder in a sale process led by Samsung Securities and Rothschild.

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The deal marks Macquarie’s expansion into Korea’s beauty manufacturing sector and comes as investor interest in K-beauty manufacturing and distribution continues to grow.

Hwasung Cosmetics specialises in colour cosmetics, while Nowcos focuses on base cosmetics. Both companies operate as original design manufacturers (ODM) for the cosmetics industry.

Macquarie Asset Management is acquiring Hwasung Cosmetics and Nowcos from private equity firm Affirma Capital.

Macquarie signed a stock purchase agreement on September 18 to acquire Affirma Capital’s stakes in both companies. A European strategic investor was also reportedly interested in the final bidding process.

About Macquarie Asset Management

Founded in 1969 Macquarie Asset Management is a global financial services group. It provides asset management, banking wealth management, advisory, and risk and capital solutions across debt, equity, financial markets, and commodities.

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