KKR has completed the acquisition of South Korean cosmetics packaging company Samhwa Co. from TPG in a deal worth $528m (733bn won), Reuters reports.

The move adds to KKR’s long history of investments in South Korea, which have included online fashion platform Musinsa, energy provider SK E&S, and recycling business Ecorbit.

Founded in 1977 as a mould manufacturer, Samhwa has grown into a leading supplier of packaging solutions to over 300 global cosmetic brands, including L’Oréal, Estée Lauder, Chanel, and LVMH. With South Korea ranking among the top exporters of cosmetics worldwide, the company is well-positioned to benefit from increasing global demand.

Samhwa said it aims to leverage KKR’s international network to strengthen ties with major luxury brands and accelerate its global expansion.

TPG, which became an investor in Samhwa in 2023, has exited through this transaction.

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