Cowell Fashion (via CF Investment) acquires 100% of Logen for KRW 340bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $235m
- Stake
- 100%
- Implied 100%
- $235m
- Revenue
- $354m
- Op. income
- —
- Multiples
- PSR 0.7x
Deal value ÷ stake (structure unconfirmed)
2020 · Multiple reports agree
2020 · Multiple reports agree
On implied equity value
- Target
- Logen · Parcel delivery
- Buyer
- Cowell Fashion (via CF Investment) · SI
- Seller
- Baring Private Equity Asia (via Shuttle Korea)
- Structure
- —
- Announced
- Jul 9, 2021
- Closed
- Oct 8, 2021
- Stage
- Closed
Target
Korea's No. 4 parcel carrier with 2020 revenue of KRW 512.8bn and a five-year revenue CAGR of 14%, with about 85% of volume from online malls. Baring PEA bought it in 2013 from a Mirae Asset-NICE PEF for KRW 158bn (also reported as 160bn) and held it via SPC Shuttle Korea.
Deal rationale
Cowell Fashion cited growth of the parcel industry on e-commerce expansion and the building of an integrated logistics platform with Daemyung Chemical group affiliates to strengthen fashion commerce (Newstomato). CEO Lim Jong-min said the deal would ultimately raise Cowell's corporate value; the company said it would fund the deal with cash and long-term borrowing without dilutive financing. Per Aju Economy, Logen would exclusively handle logistics for the group's fashion brands and outlets. Seller Baring PEA's reason was not stated (held about eight years since 2013).
| Revenue | $354m |
| Operating income | — |
| EBITDA | — |
| Net income | — |
2020 · Multiple reports agree (not yet checked against DART)
Press coverage
- 뉴스토마토 (2021-07-09): “인수금액은 3400억원이다.”
- 아주경제 (2021-10-19): “10월 8일 로젠텍배 인수 잔금을 베어링프라이빗에쿼티 측에 최종 지급하고”
- 딜사이트 (2021-07-12): “로젠택배 주식 1482만3496주(100%)를 씨에프인베스트먼트가 취득, 잔금은 10월 8일까지”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.