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The Korea Herald
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THE INVESTOR
October 16, 2024

Retail & Consumer

Hyundai Elevator-led consortium joins bid for Woongjin Foods

  • PUBLISHED :August 27, 2018 - 14:43
  • UPDATED :August 27, 2018 - 14:54
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[THE INVESTOR] A consortium led Hyundai Elevator has submitted a preliminary bid to acquire Woongjin Foods from private equity firm Hahn & Co., according to The Bell on Aug. 27.

Besides the consortium, Taiwan-based strategic investor and few other firms also participated in the bid to compete with Hyundai Elevator. 

Hyundai Elevator is currently conducting due diligence of the beverages company, which should take around a month and the final bidding is expected to take place around October.




Dongwon Group, Dong-A Otsuka and KG Group, which were reportedly expected to submit a bid, however, decided not to take part.

Industry watchers project the Hyundai Elevator-led group as the most likely candidate to be picked as preferred bidder due to its purchasing power. Its affiliate Hyundai Investment Partners is also part of the consoritum.

The entire stake of Woongjin Foods is expected to fetch around 300 billion won (US$266.97 million), since the price is usually more than 10 times the EBITDA, which was 26 billion won in 2017.

Hahn & Co. acquired 57.87 percent stake in Woongjin Foods from Woongjin Group in 2013 for 115 billion won. It currently owns 74.75 percent stake, which was increased through buying newly issued shares worth 40 billion won.

By Song Seung-hyun (ssh@heraldcorp.com)

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