Private equity fund (PEF) manager UCK Partners will acquire Manjeon Food, which sells "Manjeon Gim."
According to the investment banking (IB) industry on Nov. 11, UCK Partners recently signed a stock purchase agreement (SPA) to acquire about 80% of Manjeon Food's management-control equity.
The transaction size is said to be about 210 billion won. UCK Partners plans to pay the balance to the seller, Camus Private Equity (PE), within this month and close the deal.
UCK Partners was said to have highly valued that Manjeon Food completed vertical integration from materials and supplies sourcing to processing and distribution, and even secured overseas sales networks.
Watching the global K-food boom, UCK Partners earlier this year also moved to invest in Haenong, a gim manufacturing and processing company. It is understood that a future merger between Haenong and Manjeon Food is also being considered.
Gim is also called a flagship item riding the global K-food boom. Even for Manjeon Food alone, sales rose from 51.5 billion won in 2021 to 89 billion won last year.
Meanwhile, Camus Private Equity (Camus PE), the seller of Manjeon Food, is set to recover about twice its principal in five years since the acquisition. Camus PE previously invested about 100 billion won in 2021.