This article was published on April 7, 2025, at 1:41 p.m. on the ChosunBiz MoneyMove website.
Domestic private equity fund management firm Noan Partners is pushing to acquire AutoPlus, which operates the used car transaction platform RibbonCar, from VIG Partners. If the sale is successful, VIG Partners will recover its investment after eight years.
According to investment bank industry sources on the 7th, Noan Partners has completed due diligence for the acquisition of AutoPlus and is in the process of raising funds. It is reported that they have secured more than half of the necessary funding. The target for acquisition is 98.72% of AutoPlus's management equity. It also plans to acquire AutoPlus Solution and BestBuyCar, subsidiaries of AutoPlus.
The sale price is still under discussion, but it seems likely to be lower than the initially mentioned 200 billion won. VIG Partners selected Morgan Stanley, a global investment bank, as the lead manager for the sale in 2022 and later changed to Samjeong KPMG to resume the sale efforts last year.
During the first sale attempt, multiple potential buyers, including Kolon Group, expressed interest in acquiring AutoPlus, but the sale fell through due to rapid changes in the economic environment, such as interest rate hikes. The fact that large corporations were allowed to enter the used car retail market that same year also had a negative impact.
VIG Partners spent 110 billion won to acquire 100% of AutoPlus’s equity in April 2017. This amount includes about 60 billion won for the acquisition of existing shares and 50 billion won in new investment. VIG Partners expanded online transactions for used cars, growing AutoPlus's revenue from 139.4 billion won in 2017 to 357.2 billion won in 2024. AutoPlus, which recorded a loss of 6.5 billion won in 2017, posted an operating profit of over 10 billion won last year.
AutoPlus is a specialist in used car distribution management, starting in 2000. It sells directly operated used cars online and offline under the brand name 'RibbonCar.' After purchasing used cars, they proceed with parts replacement, bodywork, and painting themselves before selling them. VIG Partners acquired AutoPlus, believing there is significant growth potential in the domestic used car market, which is centered on small businesses.