South Korea’s buyout fund VIG Partners said Friday it had taken over a 100 percent stake in Seoul-based hair & body care product maker The Skin Factory, known for its flagship brand Kundal, for roughly over 150 billion won ($132.7 million).

VIG Partners, overseeing 3.8 trillion won in assets, said it had named Roh Hyun-jun, senior director of overseas and export business at personal care manufacturer Yuhan-Kimberly, as the portfolio company’s new chief executive officer.

The Skin Factory has some 170 products in 23 categories under the Kundal brand, including shampoo, hair treatments, essential oils, body wash and derma care products.

Before the acquisition, The Skin Factory had striven to expand its online presence for growth, VIG said. The firm generated 95 percent of its domestic gross merchandise value through online sales channels in 2020. Also, Kundal products are reaching out to customers in Singapore, Malaysia and five other overseas countries via e-commerce apps such as Shopee and Lazada.

The acquisition was made through VIG’s fourth flagship buyout fund VIG Partners Fund IV, which closed in 2019 at $850 million. The Skin Factory is the third acquisition under the umbrella of VIG Partners Fund IV, after edtech startup D.share and funeral services firm Preedlife.

By Son Ji-hyoung (consnow@heraldcorp.com)