South Korea’s largest private equity firm, Hahn & Company, announced Friday it has signed a definitive agreement with Lutronics jointly to launch a tender offer for all remaining shares of the Korean medical device maker, worth 957 billion won ($735.9 million).

Lutronic, established in 1997, has been expanding its global presence supplying aesthetic medical devices in overseas markets, according to Hahn & Co. In 2022, Lutronic reported sales of over 264 billion won in 2022, with 40 percent of the revenue coming from the United States, and 35 percent from Europe and the Middle East.

“Partnering with Hahn & Co. paves the way for Lutronic’s brighter future. I am confident that this partnership will accelerate Lutronic’s ascension as the leading and dominant player in the medical aesthetics space,” Lutronic founder and CEO Hwang Hae-lyung said.

Hahn Sang-won, CEO of Hahn & Co., also expressed excitement over the partnership with Lutronic and vowed to propel the company to the next stage of its development.

"Lutronic is one of Korea’s hidden champions with the potential to become a global leader in its market,” Hahn said.

Hahn & Co. said the latest transaction further builds on its track record of investment in Korean businesses with high potential for global extension. Lutronic will represent Hahn & Co.’s 34th investment in the country. Hahn & Co. is the largest private equity firm in Korea with over $27 billion invested to date.