Midas Private Equity (Midas PE) has acquired Korean-based media-led brand commerce company Boost Lab, in a deal that values the firm at about KRW 50 billion ($38.3 million).
Founded in 2018, Boost Lab, led by CEO Hyeong Jae Chu employs 70 staff and runs seven different personal care brands including La Vikit (home lifestyle products), Ergobody (fitness), Refrisk (beauty), Veganifect (cosmetics) and Luafee (perfume), which is promoted and sold through customer profiling, content marketing, influencer content and data-optimised video through online and offline channels.
In 2021, Boost Lab recorded KRW 27.2 billion ($20.8 million) in sales, posting a profit of KRW $4.5 billion in ($3.4 million) according to information provided by Midas PE.
The deal is in line with Midas PE's previously-reported ambitions to build out its marcomms portfolio and expand in Asia. In March, Campaign reported that the private equity firm had first acquired two Korean companies, an SME-focused performance agency and a digital production house.
"Our acquisition of Mirae I&C and concurrent investment in Space Monster provided us with sound marketing fundamentals and pillar, and our acquisition of Boost Lab has now laid out our foundation and partnership to develop properly in the media commerce space," said Sung Hun Robbins, partner and senior advisor at Midas PE, signalling there would be more deals to come.
"Continuing on with our commitment and ongoing plans to focus on growing and increasing opportunities to invest in digital marketing and commerce in Korea and APAC, we are very proactively in specific discussions with further market leading companies with the relevant competencies," Robbins added.
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