Jeongyookgak to acquire Choroc Maeul for KRW 90bn
- Deal value
- $62m
- Stake
- —
- Implied 100%
- —
- Revenue
- $138m
- Op. income
- -$3m
- Multiples
- —
2021 별도 · DART-verified
2021 별도 · DART-verified
DART 20220330000318
- Target
- Choroc Maeul · Organic food retail
- Buyer
- Jeongyookgak · SI
- Seller
- Daesang Holdings
- Structure
- —
- Announced
- Mar 17, 2022
- Closed
- —
- Stage
- Announced
Target
Eco-friendly and organic food retailer founded in 1999 with about 400 stores nationwide, formerly part of the Daesang group. Revenue topped KRW 230bn in 2016 but it posted operating losses of KRW 4.3bn (2018), 4.9bn (2019) and 3.3bn (2020).
Deal rationale
Jeongyookgak CEO Kim Jae-yeon said the two companies, sharing fresh food but differing clearly in strengths (online vs offline, meat vs produce/processed food, D2C manufacturing vs traditional distribution), were joining as one team, and that he wanted to change the food market with a new type of service (eToday, Byline Network). Jeongyookgak said it would apply its IT-based D2C know-how to organic food, strengthen Choroc Maeul's private brands via smart factories and expand last-mile logistics. Daesang Holdings' stated reason was not found.
| Revenue | $138m |
| Operating income | -$3m |
| EBITDA | — |
| Net income | — |
2021 별도 · DART-verified · 20220330000318
Press coverage
- 연합뉴스 (2022-03-17): “축산물 유통 플랫폼 정육각, 초록마을 900억원에 인수”
- 한국벤처캐피탈협회 M&A 뉴스레터 (2022-04): “정육각, 초록마을 900억원에 인수”
- 이투데이 (2022-03-17): “각자의 장점이 명확하게 다른 두 기업이 원팀으로 만나게 됐다”
- 바이라인네트워크 (2022-03-18): “전국 약 400여 개 오프라인 매장”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.