Goldman Sachs, Bain to buy majority stake in cosmetics firm Carver Korea

Seoul

GOLDMAN Sachs Group Inc and Bain Capital Private Equity will acquire a majority stake in unlisted cosmetics maker Carver Korea Co Ltd, seeking to tap into the growing popularity of South Korean beauty products in markets such as China.

The companies said in a joint release that Carver Korea founder and chairman Lee Sang Rok, who held a 60.2 per cent stake in the firm at end-2015, will retain a minority stake and "participate in day-to-day management".