This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:19 p.m. on Jan. 6, 2026.
As global private equity fund (PEF) manager Bain Capital moves to acquire ECHOMARKETING, the parent company of activewear brand "Andar," a pledge was placed on the equity held by seller Chief Executive Kim Cheol-woong and Kim's personal company. If Kim breaches the sale agreement, Bain Capital would enforce the security interest to forcibly acquire the equity.
According to the investment banking (IB) industry on the 6th, 37.04% equity in ECHOMARKETING held by Kim and 6.62% equity in AI Marketing Group (a company wholly owned by Kim) were provided as collateral.
The secured party is BCP EEA BidCo 1, a special purpose company (SPC) established by Bain Capital for the acquisition of ECHOMARKETING. The collateral amount is 183.7 billion won, and the collateral period runs from this day through Mar. 31.
ECHOMARKETING said, "If (Kim) violates the obligation to sell and transfer the shares under the stock purchase agreement, the security interest will be enforced."
Earlier, on Dec. 31 last year, Bain Capital signed a stock purchase agreement (SPA) to acquire a total of 43.66% equity in ECHOMARKETING held by Kim and AI Marketing Group for 216.5 billion won.
Without a down payment, the full acquisition price is to be paid by Mar. 31. Bain Capital is currently conducting a tender offer in the market to acquire the remaining equity. It plans to buy all of ECHOMARKETING's equity and voluntarily delist the company.
As in this case, setting a pledge on shares in anticipation that the seller might breach the contract is occasionally seen. There are cases such as Cactus PE, which is set to become the largest shareholder of HIRONIC, placing a possessory pledge on equity held by existing major shareholder Chief Executive Lee Jin-woo on the 23rd of last month, and Dongkuk CM, which, in August 2024, set a pledge on the seller's equity when acquiring a controlling equity stake in AJU Steel, but it cannot be called common.
There are also occasional cases where a pledge is set to prevent the possibility that the buyer will not pay the acquisition price, but those are not very many either. It is common to use escrow, which holds the asset and funds through a third party, as a safeguard.
Bain Capital receiving Kim's and the personal company's equity in ECHOMARKETING as collateral for this acquisition is seen as a measure to prevent the transaction from falling through due to a change of heart by Kim.
In the past, former Namyang Dairy Products Chairman Hong Won-sik signed a contract in 2021 to sell Namyang Dairy Products to Hahn & Company but intentionally delayed the sale process and failed to perform. The dispute finally ended only in 2024 when Hahn & Company won the final judgment.