Korean private equity firm PTA Partners has signed an MOU to acquire a controlling stake in Cosbel, a French cosmetics ODM specializing in organic and natural products, marking the first time Korean capital has secured management rights of a French cosmetics manufacturer. The deal, valued at around KRW 60 billion (USD 45 million), aims to combine France's premium 'Made in France' manufacturing with K-beauty's marketing and planning expertise to target global markets including China, the US, and Europe.
Deal structure and valuation
PTA Partners will acquire 70% of Cosbel's equity, with plans for additional investments of around KRW 10 billion. The total enterprise value is estimated at KRW 60 billion. To fund the acquisition, PTA is raising a project fund of at least KRW 50 billion and will soon begin marketing to major institutional investors (LPs) in Korea.
Competitive bidding landscape
The acquisition attracted strong interest from major Korean strategic and financial investors. Cosmax, Cosmecca Korea, and other large ODM firms participated in the bidding, with one even conducting on-site due diligence at Cosbel's French factory. Gudaig Global and Kolmar Korea also initially considered the deal. PTA ultimately won with the most concrete value-up plan, aided by the local network strengths of its French-born Korean CEO, Seokwon Kim.
Cosbel's capabilities and market position
Founded in 1971, Cosbel holds a unique strength in organic and natural cosmetics manufacturing in France. After a spin-off in 2019, its current management upgraded the company's technology and scale. The acquisition is expected to become a successful example of PEF-led value-up consulting, linking capital markets with the beauty industry.
Synergy and global expansion strategy
PTA plans to connect Cosbel's premium 'Made in France' manufacturing infrastructure with K-beauty's globally recognized assets. The firm has previously considered acquiring or investing in Korean brands like Dr.Jart+. The strategy involves producing Korean beauty brands at Cosbel's French ODM plant to premiumize products, then re-exporting to large markets in China, the US, and Europe that favor French cosmetics.
What buyers should watch
For overseas importers and distributors, this deal signals a new sourcing option: K-beauty formulations manufactured in France under the 'Made in France' label. This could appeal to consumers seeking both Korean innovation and French prestige. The partnership may lead to new product lines combining organic French ingredients with K-beauty trends, potentially offering unique positioning in premium segments.
Source: Read the original report | Published: June 11, 2026