Bain Weighs $2 Billion Stake Sale in Botox Maker Hugel

Bain Capital is considering a sale of its controlling stake in Seoul-listed botox maker Hugel Inc., according to people familiar with the matter.

The buyout firm is seeking as much as $2 billion from a disposal of its 44.4% stake in Hugel, said the people, who asked not to be identified as the information is private. Bain’s holding in the botox maker is valued at about 1.2 trillion won ($1 billion) based on Thursday’s share price.

Bain is working with Bank of America Corp. on the stake sale, which could kick off as soon as the second half of this year, the people said. The shares could attract health-care companies as well as private equity firms, they added.

Deliberations are preliminary and Bain could still decide against a sale, the people said. Representatives for Bain and Bank of America declined to comment, while a representative for Hugel said the company isn’t aware of the plan, adding that any decision will be made by its largest shareholder.

Hugel, founded in 2001, develops beauty and cosmetics products including botulinum toxin and hyaluronic acid filler, according to its website. Bain in 2017 acquired control of the South Korean company for about $816 million.

Hugel reported net income of about 45 billion won on revenue of 211 billion won for 2020, according to its financial report. Shares in Hugel have risen about 12% this year, giving the company a market value of about $2.3 billion.

©2021 Bloomberg L.P.

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