Unilever signage.
Unilever signage. (JPstock/Shutterstock.com)

Clifford Chance and Ropes & Gray have won the lead roles on Unilever’s $2.7 billion acquisition of Seoul-based cosmetics maker Carver Korea Co. Ltd.

Unilever has agreed to buy the Korean maker of facial masks and skincare products from Bain Capital Private Equity and Goldman Sachs Group Inc. The two U.S. investors bought into Carver Korea in August 2016 by taking a 60 percent stake for $366 million.

Clifford Chance Singapore M&A partner Valerie Kong is leading a team advising Unilever. Korean firm Bae, Kim & Lee is serving as local counsel to the consumer goods giant.

Ropes & Gray is advising regular client Bain Capital with a private equity team led by Seoul partner Jaewoo Lee and Boston partner William Mone. The firm also represented Bain when it bought a stake in Carver Korea last year.

Korea’s largest law firm, Kim & Chang, is acting for both Bain Capital and Goldman Sachs on local law, with two separate teams.

Founded in 1999, Carver Korea makes A.H.C. brand skincare products and exports to China, Hong Kong and Taiwan, where Korean beauty products are highly popular.

According to Bloomberg data, the Korean skincare market has seen steady growth since 2011; total sales are expected to hit $6.3 billion in 2017.