Unilever to Buy Cosmetics Firm Carver Korea in a $2.71 Billion Deal

Unilever NV (ADR) (NYSE: UN) announced to buy cosmetics firm Carver Korea for 2.27 billion euros ($2.71 billion), which is the company’s latest move to build a global beauty business.

Carver, founded in 1999, makes whitening creams, face masks and lotions. It was bought by Bain Capital and Goldman Sachs in 2016. The company’s main brand is AHC, and it also sell whitening products. Carver ranks as the third-largest cosmetics company in South Korea, following AmorePacific and LG Household & Healthcare.

In recent year, Unilever has been snapping up on-trend companies to deal with its slowdown in revenues due to the change of consumer tastes. According to Jefferies estimates, it has acquired €1.5 billion in revenues since the beginning of 2015. Carver deal is Unilever’s 12th and the largest acquisition since the start of 2015, which comes after it fended off the takeover bid of $143 billion from Kraft Heinz earlier this year.

“Unilever continues to build a portfolio of niche brands in premium beauty to capture opportunities in high-margin dynamic categories,” said Ildiko Szalai, an analyst at Euromonitor International. Ildiko also said that over the past five years, beauty and personal care market of South Korea has grown faster than the global average.

Carver transaction would “significantly strengthen our position in North Asia, the largest skincare market in the world”, said Alan Jope, the president of personal care division at Unilever.

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