Approved · Waiver · decided in 26 days, 2 Nov 2026
Macquarie Group Limited, through its controlled entity Bella Korea Limited, is acquiring 100% of the share capital of South Korean cosmetic manufacturers Hwasung Cosmetics Co., Ltd. and Nowcos Co., Ltd. These companies primarily engage in OEM and ODM, exporting products like eyebrow cosmetics, lip tints, and skincare to Australian beauty brands.
Bella Korea Limited (Bella Korea) plans to acquire 100% of the share capital of Hwasung Cosmetics Co., Ltd. (Hwasung Cosmetics) and Nowcos Co., Ltd. (Nowcos) (together, the Targets), by way of share transfer (the Acquisition). Bella Korea is a newly established special purpose company wholly owned by Macquarie Korea Opportunities Private Equity Limited Partnership No. 6, a private equity fund controlled by Macquarie Korea Asset Management Co., Ltd. (MKAM). MKAM manages funds or companies aimed at investing in social overhead capital facilities or infrastructure projects. MKAM is ultimately controlled by Macquarie Group Limited (MGL). MGL, along with its subsidiaries and controlled entities (the Macquarie Group) is a diversified financial services group providing clients with asset management, retail and business banking, wealth management, as well as advisory, and risk and capital solutions across debt, equity, financial markets and commodities. The Targets are both South Korean cosmetic manufacturers, primarily engaging in original equipment manufacturing (OEM) and original design manufacturing (ODM). Both companies export cosmetics products to Australian beauty brands. Hwasung Cosmetics’ main products in Australia are eyebrow cosmetics and lip tints. Nowcos’ main products in Australia include skincare products, such as cleanser. Neither company has a local subsidiary, branch, or sales office in Australia.