VIG Partners to acquire 85% of Teazen for KRW 80bn
- Deal value
- $55m
- Stake
- 85%
- Implied 100%
- $65m
- Revenue
- $28m
- Op. income
- $10m
- Multiples
- EQV/EBIT 6.6xPSR 2.3x
Deal value ÷ stake (structure unconfirmed)
2021 별도 · DART-verified
2021 별도 · DART-verified
On implied equity value
DART 20220330001738
- Target
- Teazen · Tea and health beverages
- Buyer
- VIG Partners · FI
- Seller
- IBKTS Exit PEF (70%), CEO Kim Jong-dae (15%)
- Structure
- —
- Announced
- Apr 26, 2022
- Closed
- —
- Stage
- Signed
Target
Teazen (Teazen Agricultural Corp.), founded in 2000 by CEO Kim Jong-dae, is a tea-based health beverage company operating a 200,000 sqm organic tea plantation in Haenam and a plant in Yongin, with kombucha as its flagship product. Revenue was KRW 40.7 billion in 2021 (KRW 20.5 billion in 2020).
Deal rationale
VIG Partners CEO Lee Chul-min said two years of review since early 2020 gave VIG confidence in Teazen's long-term growth, and VIG plans to enter tea-based health functional foods. The SPA covers 70% held by the IBK-TS Exit PEF (set up by IBK and TS Investment) and 15% held by CEO Kim for KRW 80 billion, the sixth investment of VIG Fund IV (Seoul Economic Daily). KED Global reported the IBK-TS fund bought 70% in 2018 for about KRW 20 billion and switched from a planned 2019 IPO to a sale after receiving approaches. The sellers' stated rationale was not reported.
| Revenue | $28m |
| Operating income | $10m |
| EBITDA | — |
| Net income | — |
2021 별도 · DART-verified · 20220330001738
Press coverage
- 서울경제 (2022-04-26): “김종대 티젠 대표 지분 15%를 인수하는 계약으로 거래액은 800억 원이다.”
- KED Global (2021-04-29): “The PEF … acquired a 70% stake in Teazen in 2018 … about 20 billion won; last year revenue of 20.4 billion won and E”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.