Shinsegae, Ascent Equity Partners weigh acquisition of C&C International

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Shinsegae, Ascent Equity Partners weigh acquisition of C&C International - Korea Economic Daily

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Separately, Shinsegae International Co.operates a cosmetics business.“This is the first time a major domestic conglomerate has pursued a cosmetics ODM acquisition as part of a broader strategic initiative,” said an industry official.“Shinsegae has long been exploring opportunities in the ODM space and sees this as the right fit.”A Shinsegae Group official said the conglomerate is internally discussing an investment in the fund, but “nothing concrete has been determined.”Meanwhile, Sginsegae is in talks to sell its two mobile payment units – SSG.

South Korean retail giant Shinsegae Group is seeking to acquire local color cosmetics manufacturer C&C International Co.in partnership with private equity firm Ascent Equity Partners to strengthen its presence in the fast-growing beauty industry.

According to investment banking industry sources on Sunday, Seoul-based Ascent Equity Partners has set up a special-purpose company with an aim to acquire a controlling stake in C&C, a Kosdaq-listed firm specialized in original design manufacturing (ODM) of makeup products.