Bain Capital has sold a 6% stake in South Korean medical aesthetics company Classys Inc. for 228 billion won ($163 million), scaling back its position after a stalled attempt to fully exit the investment.
The U.S. private equity firm sold 3.93 million shares at 57,915 won each, marking a steep 10.9% discount to Classys’ Thursday closing price, according to a regulatory filing. The transaction reduced Bain’s holding in the Kosdaq-listed company to 54.16%.
The partial divestment comes just months after Bain reportedly sought to sell its entire stake in a deal that could have valued Classys at around 3 trillion won ($2.2 billion). That sale process, which began last October, attracted interest from global private equity giants including KKR and Carlyle Group.
Classys, founded in 2007, has established itself as South Korea’s dominant player in the high-intensity focused ultrasound (HIFU) skin treatment market with a commanding 55% market share. The company’s flagship product, Shurink Universe, leads the company’s portfolio of medical aesthetics devices used for skin tightening and fat reduction procedures.
Under Bain’s ownership since 2022, Classys has significantly expanded its global footprint from 42% to nearly 70% of revenue coming from international markets. The medical device maker posted an impressive 52.9% operating profit margin in 2024.
Despite the partial sale, Bain maintains majority control of Classys, which has been one of several successful investments for the firm in South Korea’s thriving beauty and medical aesthetics sector.
