(Reuters) -U.S.-based KKR has acquired South Korea's cosmetics packaging company Samhwa Co from TPG in a deal valued at 733 billion Korean won ($528 million), Samhwa said on Thursday.

KKR said the acquisition is an addition to its long track record of investing in Korean businesses. The firm had earlier backed companies, including fashion retailer Musinsa, energy provider SK E&S and recycling firm Ecorbit.

The deal comes as South Korea's cosmetics industry gains global popularity and ranks among the world's top cosmetics exporters.

Samhwa said it plans to leverage KKR's global network to deepen partnership with major global luxury brands.

Founded in 1977 as a mold development and manufacturing company, Samhwa now provides packaging solutions to more than 300 cosmetic brands, including L'Oréal, Estée Lauder, Chanel and LVM.

TPG, a NASDAQ-listed investment firm, has been an investor in Samhwa since 2023.

($1 = 1,388.1500 won)