KL&Partners buys color lens maker PPB Studios for ₩140B

What's the deal? Private equity firm KL&PartnersDealroom has a profile for this one. Try Dealroom → has acquired roughly 65% of PPB StudiosDealroom has a profile for this one. Try Dealroom →, operator of color lens brand HapacristinDealroom has a profile for this one. Try Dealroom →, for about 140 billion Korean won. Sellers included existing shareholders such as Vision Equity PartnersDealroom has a profile for this one. Try Dealroom →, with the transaction closing at the end of July.

The terms: KL&Partners used no acquisition financing, covering the full cost with equity from existing funds. Extrapolated, the deal implies a total company value of around 215 billion Korean won — roughly 3.7 times PPB Studios' 2025 sales and 40 times its operating profit.

The numbers: PPB Studios' sales rose from 39.2 billion won in 2023 to 49 billion won in 2024 and 58.9 billion won in 2025, about 20% annual growth. The company turned profitable in 2025, posting operating profit of 5.3 billion won.

What's the endgame? The buyer prioritised growth potential over current performance, pointing to overseas expansion. Founded in 2011, PPB Studios launched Hapacristin in 2019 and entered the Japanese and US markets from the start, operating stores in Tokyo and Los Angeles.

Why now? The brand gained recognition after appointing IVE member Jang Won-young as its advertising model. In the third quarter of 2025, sales in Japan reportedly doubled year on year.

The signal: KL&Partners is building a K-beauty portfolio. It acquired a 51.87% stake in cosmetics brand ManyoDealroom has a profile for this one. Try Dealroom → for about 190 billion won in 2025 — a company, like PPB Studios, that grows fast abroad, especially in Japan. "KL&Partners appears to be expanding its K-beauty portfolio from skincare to color lenses to create synergies," an investment banking source said.

Read more: The Chosun Daily

Image credit: PPB Studios