Samhwa Secures Investment from KKR to Drive Next Chapter of Growth

TPG completes sale of Samhwa to KKR following a successful partnership

Samhwa Co., Ltd. ("Samhwa" or the "Company"), a South Korean cosmetics packaging company, today announced the completion of an investment from funds managed by KKR, a leading global investment firm. KKR will fully acquire Samhwa from TPG at a valuation of KRW733 billion (~US$528 million).

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Founded in 1977 as a mold development and manufacturing company, Samhwa has grown to become a leading cosmetic packaging supplier, providing comprehensive packaging solutions for the high-end cosmetics industry, serving more than 300 cosmetic brands that include prominent independent Korean and global luxury brands.

The global popularity of the Korean cosmetics industry continues to grow strongly with Korea ranking among the world's top three cosmetics exporters alongside France and the United States;¹ Samhwa is today one of the top cosmetic packaging producers in Asia, and among the top ten globally. The Company specializes in air-tight cushion packaging and airless pump technology and maintains an R&D center that enables it to design bespoke products to meet the needs of its customers and is equipped with an in-house system that covers end-to-end services including product development, manufacturing, assembly and inspection, and delivery.

Jun-bae Kim, CEO of Samhwa, said, "We are thrilled to welcome KKR as our new investor as we embark on our next chapter of growth and innovation. We believe we are well-positioned to achieve our ambition to be the partner of choice for major luxury brands globally and as we continue to focus on delivering superior packaging solutions for the cosmetics industry. We would like to thank TPG for their partnership and support, and look forward to working with KKR, whose global network, operational knowledge, and strategic guidance will be invaluable as we continue to focus on innovation and quality that our customers and partners have come to expect."

Hi Joo Hong, Director, Private Equity, KKR, said, "Samhwa is a prime example of a differentiated packaging supplier at the heart of the K-Beauty ecosystem. KKR's investment underscores its focused and selective approach of supporting leading Korean businesses in their growth strategy, including global expansion. We look forward to working with Samhwa's management team and employees, leveraging KKR's global network, operational expertise, and investment experience to help Samhwa achieve its next phase of growth."

Scott (ShinWon) Yoon, Business Unit Partner, TPG Capital Asia, said "We are proud to have been part of Samhwa's journey, building a strong platform that will enable sustained growth while creating value through driving new product innovation, as well as improving efficiencies in production, shipment and delivery planning. It has been a pleasure driving this phase of transformation for Samhwa. We would like to thank Jun-bae and the entire team at Samhwa for their dedication and commitment and wish them continued success in the years to come."

Since its investment in 2023, TPG has supported Samhwa's evolution from a family-owned business to a leading cosmetic packaging enterprise, with an emphasis on premium product segments. With support of its new investor KKR, Samhwa plans to continue its expansion and further strengthen its position as a globally renowned cosmetics packaging supplier.

KKR is making this investment predominantly from its Asian Fund IV and K-Series. Samhwa adds to KKR's long track record of investing in Korean businesses. Past investments in the Korean market include MUSINSA, SK E&S, Ecorbit, HD Hyundai Marine Solution, KCF Technologies, LS Automotive, and Oriental Brewery.

Additional details of the transaction were not disclosed.

About Samhwa

Samhwa is a leading cosmetics packaging manufacturer in Korea. Established in 1977 with its roots in mold manufacturing, Samhwa has been at the forefront of supplying innovative, high-quality cosmetic packing solutions for Korean and global beauty brands. It is renowned for its air-tight cushion and airless pump products, serving some of the most prestigious global luxury cosmetic brands. For additional information, please visit Samhwa's website at www.e-samhwa.com/eng.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with US$261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

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Media Contacts

For KKR:

Wei Jun Ong

+65 6922 5813

[email protected]

For TPG:

Brunswick Group

[email protected]