MBK Partners has agreed through its special situations unit, MBKP SS, to acquire Morgan Stanley Private Equity’s controlling stakes in cosmetics company Skinidea and health functional food company Life & Bio for approximately ₩300 billion ($219.8 million). Both companies are reportedly valued at about eight times EBITDA. The transaction covers MS PE’s 67% stake in Skinidea, owner of the premium aesthetic brand Medicube, and its 81% stake in Life & Bio. MS PE acquired Skinidea in March 2024 at a 100% enterprise value of ₩150 billion ($109.9 million), while it bought its Life & Bio stake for about ₩80 billion ($58.6 million) in November 2021. Skinidea’s revenue and EBITDA increased significantly in 2024, but momentum weakened in the second half and the company later entered a correction phase. MS PE replaced Skinidea’s management in January and began restructuring to build stronger business-to-consumer capabilities after expansion driven mainly by B2B channels. The planned restructuring was to precede a sale, but MS PE accelerated the process after reviewing MBK Partners’ proposed terms. Management at both companies will remain after closing. MS PE is reported to have generated more than twice its original investment in Skinidea and recovered approximately its principal in Life & Bio. The acquisition fits MBK’s special situations strategy of investing in companies affected by restructuring needs or stalled growth and seeking to improve their value.