Unilever has bought Korean beauty company, Carver Korea, according to a release issued by the company, which described the firm as “one of the fastest growing skin care brands in South Korea.” Carver Korea makes the AHC brand, which sells moisturizers, face masks and sun creams.

Carver, the release said, had been owned by Bain Capital Private Equity and Goldman Sachs, and generated sales of $381 million and earnings of $162 million in 2016, making it South Korea’s third-largest cosmetics company.

Unilever paid $2.7 billion for the firm, which was founded in 1999. Building on its origins as an aesthetics company selling professional products to beauty salons, the AHC brand catapulted to the top by focusing on two high-demand consumer spaces: age management and hydration/nourishment. 
Alan Jope, Unilever President Personal Care, said that the acquisition will significantly strengthen Unilever’s position in North Asia, and enable it to offer luxury skin care at attainable price points.