bhc Group acquires 100% of Outback Steakhouse Korea for KRW 250bn
- Deal value
- $172m
- Stake
- 100%
- Implied 100%
- $172m
- Revenue
- $205m
- Op. income
- $16m
- Multiples
- EQV/EBIT 10.5xPSR 0.8x
Deal value ÷ stake (structure unconfirmed)
2020 별도 · DART-verified
2020 별도 · DART-verified
On implied equity value
DART 20210408002196
- Target
- Outback Steakhouse Korea · Restaurants (family dining)
- Buyer
- bhc Group · SI
- Seller
- Skylake Equity Partners
- Structure
- —
- Announced
- Nov 17, 2021
- Closed
- Nov 17, 2021
- Stage
- Closed
Target
Outback Steakhouse Korea operates the Outback steakhouse family-restaurant chain in Korea with 118 stores. Skylake acquired 100% of it from US-based Bloomin' Brands in 2016.
Deal rationale
bhc Group said it would graft its success DNA onto Outback to build the brand beyond a first-generation family restaurant into the most successful brand, expecting distribution and marketing synergies with brands such as Changgo43 (The Fact). A bhc official said it expected synergies by leveraging know-how from operating multiple dining brands, and reports linked the deal to reducing bhc's reliance on chicken and reaching KRW 1tn in revenue within five years (Dailian). Seller Skylake reportedly bought 100% for about KRW 60bn in 2016 and sold in 2021.
| Revenue | $205m |
| Operating income | $16m |
| EBITDA | — |
| Net income | — |
2020 별도 · DART-verified · 20210408002196
Press coverage
- 더팩트 (2021-11-19): “인수가는 2500억 원대로 전해졌다.”
- 데일리안 (2021-12-27): “인수금액은 2500억원대에 이른다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.