Classys Inc., South Korea’s leading medical aesthetic device manufacturer, is being put up for sale by its majority owner, Bain Capital. The US private equity firm is seeking around 3 trillion won ($2.2 billion) for its stake, more than quadrupling its 2021 investment.
Known for its Shurink Universe skin-tightening device, Classys dominates the domestic high-intensity focused ultrasound (HIFU) treatment market with a 55% share. The company has experienced robust growth, posting a 34% year-on-year increase in operating profit to 57.7 billion won for the first half of 2023, with sales up 28.5% to 109.1 billion won.
Under Bain’s ownership, Classys has significantly expanded its global footprint. International sales now comprise 68.7% of revenue, up from 42.4% before the acquisition. The company is making inroads in Brazil, Australia, Thailand, and Taiwan, while eyeing entry into the lucrative US and Chinese markets.
Classys’s strong performance is bolstered by the growing anti-aging device market, expected to reach $11.2 billion globally by 2028. The company’s high profitability—with an operating profit margin of 52.9%—and its steady revenue from device expendables make it an attractive target.
Potential buyers include private equity firm Hahn & Co., LG Group, and Samsung Group. However, Classys’s high valuation, estimated at over 40 times its 2023 EBITDA, may prove challenging for some bidders.
