South Korean conglomerate LG Chem sold its aesthetic dermal filler business unit to buyout firm VIG Partners for 200 billion won ($144 million).WHO: LG Chem’s aesthetic business unit within its Life Sciences Business Division focuses on fillers and skin boosters. It owns the hyaluronic acid filler Yvoire and skin boosters such as Vialpham, Ineabler, and Vitalan.VIG Partners, founded in 2005, has extensive experience and expertise in the Korean mid-market buyout sector, with a successful track record across a diverse range of industries, including financial services, consumer goods, online and mobile commerce, and household appliances.WHY: With the transaction, VIG Partners expands its beauty and cosmetics holdings amid the growing K-beauty wave. For LG Chem, the divestiture is part of a strategy to restructure its portfolio and focus on key growth areas, particularly pharmaceuticals, vaccines, and advanced materials.DETAILS:LG Chem sold the aesthetic business unit under its Life Science unit to VIG Partners.The company’s cosmetic medical business subsidiary in China will also be transferred as part of the transaction.The divestment excludes the division’s manufacturing facilities.The business generates roughly 100 billion won ($74 million) in annual sales and 30 billion won ($22 million) EBITDA.LG Chem selected HSBC Securities as the lead manager for the sale of the aesthetic business unit earlier this year.