Yesterday, according to report, IMM Private Equity Inc. is preparing to sell off A’pieu, a popular color cosmetics brand under South Korea’s Able C&C Co., in a strategic move to recoup value from its beleaguered beauty portfolio. The Seoul-based PE firm has enlisted Samjong KPMG as the lead advisor and is sending out teaser letters to prospective buyers, aiming for a deal estimated at around 20 billion won ($14.4 million).
The attempted sale comes after repeated failures since 2022 to divest Able C&C in its entirety, hampered by valuation mismatches and poor performance. IMM PE is now hoping that a standalone transaction involving A’pieu—considered more attractive given its relevance in the current K-beauty boom—will draw stronger interest.
A’pieu, sister brand to the budget-friendly Missha label, has carved out a loyal customer base among teenagers and young adults. Known for its affordable lip tints, cushions, and blushers—typically priced below 30,000 won ($21.5)—the brand accounted for approximately 10% of Able C&C’s 264 billion won ($190 million) in sales last year. Though dwarfed by Missha’s 80% share, A’pieu benefits from global demand for entry-level Korean makeup, especially in the U.S.
As a whole company, Able C&C has struggled amid shifting consumer trends and geopolitical tensions.
In 2017, IMM PE acquired a 25.5% stake in the cosmetics company from its founder and former Chairman Seo Young-pil for 188.2 billion won ($135 million). Since then, it has raised its holdings to 61.5% through a rights offering and a public tender offer.
In total, the PE firm has invested over 420 billion won ($300 million) in Able C&C.
