This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:51 p.m. on Aug. 12, 2026.
Taewoong Logistics is wrapping up its acquisition of cross-border reverse direct purchase logistics platform operator Etomas. Taewoong Logistics and Eum Private Equity (Eum PE) are pushing to sign a main contract around the end of this month after fine-tuning detailed transaction terms. Once the transaction is completed, Eum PE will recoup its investment in about four years.
According to the investment banking (IB) industry on the 12th, Taewoong Logistics(124560) and Etomas' largest shareholders are holding final terms negotiations for a management rights transaction. Barring any special variables, they are said to be planning to sign a stock purchase agreement (SPA) at the end of this month. However, the timing of the final contract signing and the transaction price could change in part during negotiations.
Taewoong Logistics signed a binding memorandum of understanding (MOU) on June 4 to acquire management control of Etomas. The acquisition target is 52,172 common shares of Etomas, or 85.6% of the total equity. The proposed purchase price at the time was about 77.07865 billion won.
The sellers are Einstein Holdings, a special purpose company (SPC) of Eum PE, and Etomas CEO Jeong Sang-hun. At the time of the MOU, the sellers granted Taewoong Logistics exclusive negotiating rights for about three months. Accordingly, with the exclusive period ending around the end of this month, due diligence and price adjustments are said to be wrapping up, with plans to sign the main contract. The transaction price of about 77.1 billion won stated in the MOU could also change depending on due diligence and the final negotiations.
Etomas is a reverse direct purchase logistics company founded in 2017. Reverse direct purchase refers to a transaction method in which overseas consumers directly buy domestic products online. Etomas provides international express and export logistics services needed when Korean brands sell products through overseas e-commerce platforms such as Amazon. Even without their own overseas logistics organization, product companies can ship goods to overseas consumers through Etomas. Overseas deliveries for major K-beauty companies such as Amorepacific are being handled through Etomas.
Etomas posted 85.3 billion won in revenue and 10.1 billion won in operating profit in 2024, followed by 111.8 billion won in revenue and 9.7 billion won in operating profit last year. Considering revenue was around 5 billion won when Eum PE invested in 2022, revenue has grown more than 20-fold in three years. Boosted by the K-beauty boom, it is said to have established itself as the No. 1 player in Japan's reverse direct purchase logistics market.
Eum PE is a domestic PEF manager established in 2010. Eum PE invested about 30 billion won in 2022 to secure 63% equity in Etomas. It pushed a sale once in 2024 but halted the process to watch the earnings uptrend a bit longer. After returning to the sale this year, it picked Taewoong Logistics as the acquirer.
Taewoong Logistics is a KOSDAQ-listed company that provides integrated logistics services. Through this acquisition, Taewoong Logistics plans to expand its logistics business, which had focused on business-to-business (B2B) transactions, to overseas e-commerce. By adding Etomas' reverse direct purchase logistics capabilities to Taewoong Logistics' international logistics network, the company aims to capture overseas delivery demand for domestic consumer goods.