Unilever agrees to buy Carver Korea for €2.27bn

Unilever has agreed to buy skincare business, Carver Korea, from Bain Capital and Goldman Sachs for €2.27bn.

The Anglo-Dutch consumer goods giant said Carver is the fastest-growing skincare business in South Korea through sales of its brand AHC. The company generated sales of €321m and earnings before interest, taxes, depreciation and amortisation of €137m in 2016.

Alan Jope, president of Personal Care, said: "We are delighted to be acquiring Carver Korea. It is an impressive business that is completely aligned to our Personal Care strategy. It will significantly strengthen our position in North Asia, the largest skincare market in the world; and will complement our existing portfolio, enabling us to offer luxury skincare products at attainable price points.

"AHC has been strongly gaining popularity thanks to its efficacious, innovative and premium products; and it therefore offers great opportunities for growth."

Ed Han, a managing director for Bain Capital Private Equity, said: "This has been a great opportunity for us to partner with a leading Korean company in an exciting segment of the cosmetics space and to help support its brand, operations and growth around the world. Unilever is a strong partner to help the company in its next phase of growth and development.”