This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:57 p.m. on Sep. 10, 2026.
The sale of LG H&H's beverage subsidiary Haitai htb is approaching the main bid. Mega MGC Coffee, which operates Mega Coffee and was shortlisted as a qualified bidder, and private equity fund (PEF) manager Godo Partners are conducting due diligence while checking business structures and contract relationships, with the main bid to be held as early as the end of this month.
According to the investment banking (IB) industry on the 10th, Mega MGC Coffee and Godo Partners are conducting due diligence to verify Haitai htb's valuation. It was initially expected to proceed relatively quickly from the preliminary bid to the main bid, but it is said the review is taking some time as they examine the revenue structure of the existing business together with the potential for business reorganization after the acquisition.
Haitai htb is a company that has produced long-running beverage brands such as Ggalamandeunbae, Bong Bong, Cocofarm, and Gangwon Pyeongchang Water. LG H&H acquired 100% equity of Haitai Beverage in 2011 and later changed the company name to Haitai htb. Last year's sales were 374.1 billion won, and operating loss was 10.1 billion won. Of that, it generated 171.9 billion won in sales from Coca-Cola Beverage. That accounts for 45.9% of total sales.
Coca-Cola Beverage is excluded from the assets for sale. Accordingly, potential buyers are looking at how much of the existing transaction volume Haitai htb can maintain after separating from LG H&H. The contract period, transaction terms, and future volume outlook are key review items. Among the existing contracts between LG H&H and Coca-Cola, it is known they are also checking which rights Haitai htb can inherit after a change in the largest shareholder and which matters require separate consultation.
There is also value in the businesses included in the sale that does not appear in current results. This transaction is understood to premise transferring key brands' intellectual property (IP), recipes, and domestic and overseas sales rights to Haitai htb. After the acquisition, it could establish a foundation to directly operate and sell its own brands outside of LG H&H's beverage business system.
Price expectations are another core part of this due diligence. The sell-side is said to expect around 300 billion won for Haitai htb's valuation. Last year's earnings before interest, taxes, depreciation and amortization (EBITDA) was 12.5 billion won, down 55% from the previous year (27.8 billion won). Based solely on current profitability, that is a high price, but the appropriate price could vary depending on how much value is recognized for the ability to transition into an independent beverage company by adding brand IP and sales rights to the existing production base.
In the end, bidders are likely to set the price based on the corporate value derived from current results and the growth value from business expansion after the acquisition. In particular, the future level of sales to Coca-Cola Beverage and the commercialization potential of the brands to be transferred are expected to affect the final acquisition price.
The industry expects the main bid schedule to take shape as soon as both sides finish due diligence. An industry official said, "Haitai htb has stable sales from existing transactions, but after becoming independent it needs to confirm whether some businesses can continue," adding, "Because the valuation process factors in how much it can grow its own business by leveraging brands and sales rights, due diligence has taken longer than expected."