Cosmetics Brand Manyeogongjang's Management Rights Sold to Private Equity Fund for 190 Billion KRW

The management rights of the domestic cosmetics brand Manyeogongjang are being transferred to a private equity fund for 190 billion KRW.

According to the investment banking (IB) industry on the 3rd, KL&Partners reportedly signed a memorandum of understanding (MOU) to acquire 51.87% of the shares held by L&P Cosmetic, the largest shareholder of Manyeogongjang, for approximately 190 billion KRW.

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Manyeogongjang's corporate value is known to be estimated at about 370 billion KRW.

Last year, Manyeogongjang recorded consolidated sales of 105 billion KRW and an operating profit of 15.9 billion KRW, respectively.