After a failed exit attempt, Bain Capital has reduced its stake in the Kosdaq-listed South Korean medical aesthetics company Classys.WHO: Established in 2007 by dermatology specialist Jung, Classys supplies medical devices used for cosmetic procedures such as plastic surgery, anti-aging, and excess fat removal. Known for the beauty device Shurink Universe, which uses high-intensity focused ultrasound (HIFU) for skin tightening, the company has three brands: Classys, specializing in medical devices for clinics; Cluederm, used at aesthetic clinics; and Skederm, for personal beauty-care devices. The company owns 55% of the HIFU treatment device market.WHY: Last October, Bain appointed JPMorgan and Citigroup Global Markets as advisors to explore the sale of its entire stake. The deal marks a partial retreat after potential buyers balked at the valuation. The block trade allows Bain to reduce exposure while staying in control.DETAILS:Bain Capital reduced its stake in Classys through a block trade of 3.93 million shares at 57,915 won a piece, representing a 10.9% discount and raising 228 billion won ($163 million).Bain Capital is Classys' largest shareholder. The transaction reduced Bain’s holding to 54.16% from 60.16%.In 2023, Bain Capital acquired another domestic aesthetic device manufacturer, Ilooda Co, for an undisclosed sum, which Classys absorbed this year.Bain acquired a majority stake in Classys for 670 billion won ($560 million) in 2022 from its founder and  his three family members.Classys debuted on South Korea's junior stock market Kosdaq through a merger with a special purpose acquisition company (SPAC) in December 2017.