Windsor Global Star (domestic PEF vehicle) to acquire Windsor whisky brand/business (Diageo Korea) for KRW 200bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $138m
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- Windsor whisky brand/business (Diageo Korea) · Spirits (whisky)
- Buyer
- Windsor Global Star (domestic PEF vehicle) · FI
- Seller
- Diageo
- Structure
- —
- Announced
- Apr 10, 2022
- Closed
- —
- Stage
- Announced
Target
Windsor is Korea's No.1 whisky brand, sold by Diageo in Korea; the deal covered the Windsor brand including the W series and the related manufacturing and distribution business. Diageo split Diageo Korea into Windsor Global (surviving entity) and a new Diageo Korea for the sale.
Deal rationale
Bayside PE CEO Kim Beom-jun, who led the deal, said the business would expand globally beyond Korea, and executive Park Chan-young cited expected reopening benefits. The Windsor business was reported to generate over KRW 30bn of EBITDA despite COVID-19. Diageo's reason for selling was not found in reporting. Funding was planned as KRW 90bn acquisition finance from Hana and KRW 140bn from institutional investors, but after key LP WI withdrew its KRW 80bn commitment, Diageo terminated the agreement on 2022-09-27 citing unmet conditions and the deal collapsed.
Press coverage
- 경기일보 (2022-04-10): “인수 금액은 2천억원이다.”
- 한국벤처캐피탈협회 M&A 뉴스레터 (2022-06): “국내 사모펀드 윈저글로벌스타, 국내 1위 위스키 ‘윈저’ 인수”
- 파이낸셜뉴스 (2022-04-19): “EBITDA 300억 이상을 창출하는 것으로 알려진”
- 뉴데일리경제 (2023-07-25): “베이사이드-메티스 PE컨소시엄과 2000억원에 ‘윈저’의 매각 계약을 맺고”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.