Hahn & Company to acquire 53.08% of Namyang Dairy Products for KRW 310.7bn (terminated)
- Deal value
- $214m
- Stake
- 53.08%
- Implied 100%
- $404m
- Revenue
- $654m
- Op. income
- -$53m
- Multiples
- PSR 0.6x
Deal value ÷ stake (structure unconfirmed)
2020 연결 · DART-verified
2020 연결 · DART-verified
On implied equity value
DART 20210318001132
- Target
- Namyang Dairy Products · Dairy and beverages
- Buyer
- Hahn & Company · FI
- Seller
- Hong Won-sik and family
- Structure
- —
- Announced
- May 27, 2021
- Closed
- —
- Stage
- Terminated
Target
Namyang Dairy Products, founded in 1964 and KOSPI-listed, is a dairy and food company (Bulgaris, Baekmidang ice cream). Revenue fell to KRW 948.9 billion in 2020, below KRW 1 trillion, and the company posted operating losses from 2020 onward.
Deal rationale
Hahn & Co said on 27 May 2021 it signed an SPA to buy the Hong family's 53.08% stake (BizWatch; Aju Economy cites 52.63%, 378,938 shares) for about KRW 310.7 billion, planning to introduce an executive-officer system and restore consumer and dealer trust through active investment and greater transparency. BizWatch reported that after the 'Bulgaris incident' Chairman Hong Won-sik resigned and renounced succession, and the company 'chose a sale as a way to overcome the situation.' On 1 September 2021 Hong's side notified termination alleging Hahn & Co failed to honor prior agreements and breached confidentiality; Hahn & Co called this groundless, said Hong began raising unreasonable new closing conditions from mid-August, and sued for share transfer. The Supreme Court upheld Hahn & Co's win on 4 January 2024.
| Revenue | $654m |
| Operating income | -$53m |
| EBITDA | — |
| Net income | — |
2020 연결 · DART-verified · 20210318001132
Press coverage
- 비즈니스워치 (2021-05-27): “인수 가격은 약 3107억원이다.”
- 아주경제 (2021-09-02): “자신의 지분 52.63%(37만8938주)를 3107억원에 매각하는 주식매매계약(SPA)을 맺었다”
- 쿠키뉴스 (2024-01-04): “대법원 2부(주심 천대엽 대법관)는 한앤코가 홍 회장과 가족을 상대로 낸 주식 양도 소송 상고심에서 원심의 원고 승소 판결을 확정했다.”
- IB토마토 (2024-08-26): “2020년 이래 줄곧 영업적자를 이어오고 있다.”
- 토요경제 (2026-03-31): “2020년 9489억원으로 처음 1조원 선이 무너진 이후”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.