hy (Korea Yakult) acquires 66.7% of Mesh Korea (Vroong) for KRW 80bn

SI Logistics Last-mile delivery platform

Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.

Deal value: $55m
Stake: 66.7%
Implied 100%: $83m
Revenue: $265m
Op. income: -$36m
Multiples: PSR 0.3x

Target: Mesh Korea (Vroong) · Last-mile delivery platform
Buyer: hy (Korea Yakult) · SI
Seller: New shares / DIP debt-to-equity conversion
Structure: —
Announced: Feb 23, 2023
Closed: Apr 6, 2023
Stage: Closed

Target

Mesh Korea operates the motorcycle-based last-mile delivery platform Vroong and provides integrated logistics, storage, packaging and delivery solutions to about 600 companies. Control passed to hy in early 2023 through DIP financing and a rights issue amid a rehabilitation crisis.

Deal rationale

hy said it plans to strengthen last-mile competitiveness by combining Mesh Korea's logistics system (Byline Network). Aju reported hy's goal of becoming a comprehensive distribution company and synergy with its Fresh Manager network where Vroong could cover uncovered areas. Mesh Korea said it would solidify its B2B-centered structure and pursue its profitability target. hy injected KRW 60bn as DIP financing in January 2023 to repay debts including OK Capital, then added KRW 20bn via a rights issue, securing 66.7% for KRW 80bn in total.

회생·채권단 매각신사업 진출

Revenue	$265m
Operating income	-$36m
EBITDA	—
Net income	-$45m

2022 · Multiple reports agree (not yet checked against DART)

Press coverage

바이라인네트워크 (2023-04-06): “hy, 배달대행 플랫폼 ‘부릉’ 운영사 ‘메쉬코리아’ 인수 완료”
아주경제 (2023-02-21): “‘부릉’ 인수전 승자 23일 결론”
바이라인네트워크 (2023-01-26): “양사의 라스트마일 배송망 통합 활용의 시너지 효과 창출과 기업가치 제고를 기대한다”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.