South Korean private equity firm VIG Partners is set to acquire Kosdaq-listed beauty device company Viol Co.

The firm also plans to acquire all remaining shares not included in the 34.76 percent controlling stake already secured, via a tender offer aimed at delisting Viol and converting it into a wholly owned subsidiary.

According to industry sources on Wednesday, VIG Partners said on Tuesday that its special purpose vehicle (SPV) will launch a tender offer for 37,438,265 Viol common shares, or a 64.09 percent stake, at 12,500 won ($9.09) per share as part of the voluntary delisting process. The offer price represents an 11.6 percent premium over Viol’s Tuesday closing price of 11,200 won and the total transaction value is estimated at 468 billion won.

The tender offer period will run for 20 days from June 18th to July 7th. If the number of shares tendered falls short of the minimum target of 12,125,998 shares, or a 20.76 percent stake, the SPV will not proceed with the purchases. NH Investment & Securities Co. is managing the tender offer.

VIG Partners’ SPV previously signed an agreement to acquire the 34.76 percent controlling stake (20,304,675 shares) from DMS Co., a display equipment maker and Viol’s current owner. DMS subsequently acquired a 46.09 percent stake in the SPV via a capital contribution in kind on Wednesday to become the second-largest shareholder. As such, DMS is expected to take part in Viol’s management.

VIG Partners stated in a press release that the tender offer price is equal to the price paid for the DMS-held stake, thus offering minority shareholders the same control premium. The firm emphasized that the approach aligns with the government’s push to strengthen protections for minority investors.

Viol develops aesthetic medical devices that use radiofrequency energy, with investor interest in such firms increasing amid the growing prominence of the Korean beauty industry.

Other aesthetic device companies, including Lutronic Corp. and Jeisys Medical Inc., were previously acquired by private equity firms and later delisted to become wholly owned subsidiaries.

DMS reportedly opted to sell Viol after facing delisting risk earlier in the year. The company received a disclaimer of opinion in its audit report following allegations of unfair internal transactions related to succession planning in March 2025.

VIG Partners, established in 2005, is an independent private equity firm. It sold Korea’s largest funeral service provider, PreedLife Co., to Woongjin Group in June.

The Viol acquisition is being executed through the firm’s VIG Fund No. 5 and is the fund’s second investment following a year-end deal involving biofuel raw materials supplier Biofuel Holdings.

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