Seoul-based private equity firm VIG Partners has agreed to acquire a controlling stake in Viol Co., Ltd., a Kosdaq-listed aesthetic medical device manufacturer, from its major shareholder DMS Co., Ltd.  

The deal is being made through its special purpose company Vienna Investment Holdings, which will launch a tender offer to acquire additional Viol shares from public shareholders. LYFE Capital, a global healthcare-focused investment firm, and Daishin Private Equity, another Korean private equity firm, will invest in the SPC's parent entity. 

DMS will sell a 7% stake in Viol to the SPC and contribute the remaining 28% stake in Viol to the SPC in-kind, under the same valuation. Upon completion of the deal, DMS will retain the second-largest shareholder position and participate in the management of Viol.

Founded in 2009, Viol is an energy-based aesthetic medical device company specializing in MNRF ( micro-needle radio frequency ) technologies. It has experienced rapid growth, with revenue increasing 58.2 billion won ( US$42.25 million ) last year, from 12.2 billion won in 2020. Overseas markets accounted for 90% of its 2024 revenue.

Its core products include Sylfirm X and Scarlet S, both based on MNRF technology. The company is also expanding into broader energy-based device ( EBD ) categories with Duotite ( high-intensity focused ultrasound ) and Cellinew ( radio frequency ).

The tender offer price has been set at 12,500 won per share, identical to the price paid for the DMS stake. The tender offer is subject to a minimum acceptance threshold of 21%, with all tendered shares to be acquired if the condition is met. The tender period will begin on June 18th and close on July 7th.

Following the completion of the tender offer, the SPC intends to carry out a comprehensive stock exchange with cash consideration. In this process, shareholders of Viol exchange their shares for cash provided by the acquiring entity.

This marks the second investment from VIG Fund V, following last year’s investment in Biofuel Holdings, a supplier of raw materials used in eco-friendly biofuels.