COMPANIES Affinity Equity Partners has agreed to sell its controlling stake in South Korea’s third-largest cosmetics brand to LG Household in a deal totalling $364m, securing a healthy return for the Asian-focused private equity firm.
Affinity is expected to reap three to four times its investment from the sale of TheFaceShop after reportedly paying about Won80bn ($60m) for the South Korean company in 2005, well before asset prices started to take off in 2007.
