UCK Partners buys skincare firm Theraderm to build a $70M medical aesthetics platform
What's the deal? South Korean private equity firm UCK PartnersDealroom has a profile for this one. Try Dealroom → has acquired 100% of TheradermDealroom has a profile for this one. Try Dealroom →, a medical skincare company, in a buyout announced in October 2026. The deal value is undisclosed, though it is reported at around US$16.8M to US$25.2M, roughly nine times Theraderm's expected EBITDA this year.
What does Theraderm do? Founded in 1998 and rebranded under its own name in 2005, Theraderm supplies peeling agents and skincare products to dermatology and plastic surgery clinics. Its lead products are natural organic acid-based peeling programmes, including "BlackPeel," made from fermented black vinegar, and "PinkPeel," using fermented kudzu root.
The numbers: Theraderm posted revenue of about US$6.62M last year and expects US$8.38M in revenue and US$2.52M in EBITDA this year. Overseas sales account for more than 50% of the total.
The company works with over 3,000 clinics in South Korea and distributes to about 20 countries. More than 80% of existing customers make repeat purchases, helped by the high cost for clinics of switching products used in treatments.
What's the endgame? UCK Partners plans to use Theraderm as a base for a bolt-on strategy, acquiring peeling companies, medical devices, and skincare brands. It intends to first strengthen sales and marketing to accelerate overseas growth, then pursue industry consolidation.
Targets under consideration include peeling firms with product and distribution synergies, device and injection treatment companies that can tap Theraderm's overseas distributor network, and B2C skincare brands that can sell through clinics abroad.
Why now? UCK Partners has pursued a run of consumer sector acquisitions this year. In February it bought a 49.9% stake in seaweed maker Haenong, and in May it agreed to acquire an 80% controlling stake in Manjeon Foods, citing production and distribution synergies from the two firms' neighbouring factories in Mokpo.
The signal: The buyout marks UCK Partners' entry into medical aesthetics, applying a proven consumer playbook: buy a stable, cash-generative anchor with repeat customers and an export footprint, then roll up adjacent businesses. With more than half of Theraderm's sales already overseas, the firm is betting its distribution network can carry future acquisitions into global clinics.
Read more: edaily.co.kr
Image credit: Generated with Gemini
