[THE INVESTOR] Ourhome, one of the top food catering firms in Korea, has acquired in-flight meal provider Hanil America Construction Reality by buying the entire stake for 98 billion won (US$86.70) from Hanjin Heavy Industries & Construction Holdings, according to industry sources on Aug. 14.
The deal was managed by NH Investment & Securities. According to sources, Ourhome was picked as the preferred bidder at the beginning of this year because it offered to buy HACOR at a much higher price than its competitors.
“Through the acquisition, we hope to expand into not only Asia, but also the US market,” an Ourhome official said in a statement.
Ourhome is also hoping to attract Korean Air as its client. HACOR has reportedly been unable to sign a deal with Korean Air since 2007 largely due to a personal conflict between Hanjin Group Chairman Cho Yang-ho and Hanjin Heavy Industries & Construction Holdings Chairman Cho Nam-ho, who are brothers.
Established in 1983, Los Angeles-headquartered airline meal provider, which was entirely owned by Hanjin Heavy Industries & Construction Holdings, currently is able to serve over 1,239 meals a day. Its main clients include Singapore Airlines, All Nippon Airways and Eva Air. The US-based firm’s sales last year reached over 79.7 billion won.
By Song Seung-hyun (firstname.lastname@example.org)