2 February 2023

BDA advises DHOLIC on sale of majority stake to Unison Capital

divested majority stake to


BDA Partners is pleased to announce that its client, DHOLIC Commerce, has divested a majority stake to Unison Capital. Terms of the transaction were not disclosed.

DHOLIC Commerce operates Japan’s top Korean fashion and cosmetics online retail platform. It has deep knowledge of the latest Korean fashion and beauty trends as well as Japanese consumer tastes. DHOLIC has over two million subscribers, and is a leader in connecting Korean retailers and brands with Japanese consumers.

Jeff Acton, Partner and Head of Technology at BDA, said: “We’re proud to have worked for DHOLIC Commerce to secure the ideal partner. We’re confident that the business will continue to flourish under Unison Capital ownership. BDA has become a leader in advising on Asian tech-enabled consumer M&A.”

Howard Lee, Partner and Head of Seoul at BDA, said: “We’re delighted to deliver a great outcome for both DHOLIC Commerce and Unison Capital. We understand the business and consumer culture in both Korea and Japan.”

Brian Lee, Director at BDA, said: “This transaction is an example of how perfectly BDA is suited to help business founders find great buyers. We expect to see increasing activity in the corridor between Japan and Korea.”


Founded in 2001, DHOLIC Commerce is the No. 1 Korean content-based ecommerce platform operator in Japan. The Company operates a 100% Japan-dedicated online platform, connecting Korean retailers and brands with Japanese consumers. The company’s platform is focused on two categories, apparel and cosmetics.​ https://www.dholic.co.jp/

About Unison Capital

Unison Capital, established in 1998, is a pioneer in mid-cap buyouts in Japan and Korea. Leveraging over two decades of accumulated networks and industrial expertise, Unison Capital primarily invests in and supports the growth of companies in the Healthcare, Consumer and B2B Services sectors. The firm takes diverse, tailored approaches to supporting each of its portfolio companies and has invested in over 40 companies since its founding. https://www.unisoncap.com/en/

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com