Domestic private equity fund (PEF) manager Keystone Partners will sell Eve Bridge, which operates the airport lounge platform "The Lounge," to AJU IB INVESTMENT.
According to the investment banking (IB) industry on the 23rd, Keystone Partners recently signed a memorandum of understanding (MOU) with AJU IB INVESTMENT to sell management control of Eve Bridge. The stake for sale is 100% of the equity in Eve Bridge held by Keystone Partners. After full due diligence, the parties are expected to sign a stock purchase agreement (SPA) within the year.
Earlier, around the middle of this year, Keystone Partners selected KR&Partners as the sell-side advisor and moved to sell Eve Bridge. Multiple financial investors (FI) and strategic investors (SI) are known to have participated in the preliminary bidding conducted by the sell-side.
Founded in 2003, Eve Bridge began as a marketing Agency that operated the Incheon International Airport internet lounge and handled services such as on-board attendants for the Airport Railroad on behalf of clients. After Keystone Partners acquired it in 2018, it transformed into an airport lounge platform and significantly improved its performance.
The industry expects Eve Bridge to achieve about 16 billion won in earnings before interest, taxes, depreciation and amortization (EBITDA) this year. In 2018, when Keystone acquired it, the figure was 6 billion won.
The Lounge, the platform operated by Eve Bridge, provides a service that allows users to access lounges at more than 1,300 airports worldwide by purchasing a pass even without a premium KARD.
It also expanded into the airport limousine business by acquiring Korean Air subsidiary Kal Limousine (now K Airport Limousine) in 2021.