Whitrin C&D, Melon Partners, Shinhan Capital acquires 78% of Sangshin Food for KRW 39bn
- Deal value
- $27m
- Stake
- 78%
- Implied 100%
- $35m
- Revenue
- $33m
- Op. income
- $3m
- Multiples
- EQV/EBIT 13.2xPSR 1.0x
Deal value ÷ stake (structure unconfirmed)
2021 별도 · DART-verified
2021 별도 · DART-verified
On implied equity value
DART 20220404000724
- Target
- Sangshin Food · Frozen food & HMR manufacturing (OEM)
- Buyer
- Whitrin C&D, Melon Partners, Shinhan Capital · FI
- Seller
- —
- Structure
- —
- Announced
- May 1, 2022
- Closed
- —
- Stage
- Closed
Target
Sangshin Food, founded in 1994, makes frozen foods and ready meals; it holds the top share of Korea's frozen pork cutlet market and supplies CJ CheilJedang's Gourmet pork cutlet and chicken products, serving about 100 customers.
Deal rationale
According to Financial News, the deal is a buyout in which the Growth Finance Corporate Restructuring Innovation Fund formed by Whitrin C&D and Melon Partners invested about KRW 10bn in RCPS and Whitrin C&D with Shinhan Capital's venture unit invested about KRW 29bn through a separate project fund, securing about 78% and planning to co-manage with the former owners. The company reportedly entered court receivership after heavy 2010 capex for a soup/stew HMR line strained liquidity, and exited after UAMCO bought about KRW 10bn of bonds and equity. No direct statement of the buyers' rationale appears; recovery of B2B sales as COVID-19 eased was cited.
| Revenue | $33m |
| Operating income | $3m |
| EBITDA | — |
| Net income | — |
2021 별도 · DART-verified · 20220404000724
Press coverage
- 파이낸셜뉴스 (2022-05-01): “인수금액은 약 390억원 수준이다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.