VIG Partners takes over Homenuri Mart The PE firm is making efforts to boost its portfolios of food and grocery retail business

Translated by Kim So-in 공개 2020-07-01 08:00:54

이 기사는 2020년 07월 01일 08:00 더벨 유료페이지에 표출된 기사입니다.

South Korean private equity firm VIG Partners is accelerating the business expansion of local foodstuffs retailer Winplus. Winplus has taken over Hanwha Hotels & Resorts' food service business unit in February, followed by its recent acquisition of Homenuri Mart.

VIG Partners has recently acquired supermarket chain Homenuri Mart, according to sources on June 29. The deal is the bolt-on acquisition made by the PE firm to make synergies with its existing portfolio company Winplus, a local foodstuffs retailer.

Homenuri Mart, formerly Harmony Retail, was established in 2012. The company is operating five directly-run stores as of the end of 2019.

Homenuri Mart recorded sales of 50.5 billion won ($42 million) in 2019, showing exponential growth compared to 2018’s 37.2 billion won. It posted an operating profit of 2.1 billion won and earnings before interest, tax, depreciation and amortization (EBITDA) of 3 billion won in 2019.

VIG Partners started to form its portfolios of food and grocery retail business by acquiring Winplus in March 2018.

Earlier this year, the PE firm purchased Hanwha Hotels & Resorts' food service business unit. The deal was the first bolt-on acquisition made by Winplus. Hanwha's food service business unit consisted of three departments: institutional catering service, foodstuffs retailing and food concession. Among them, VIG Partners bought only two departments, except food concession, which would generate synergy with Winplus.

By taking over Hanwha Hotels & Resorts' food service business unit, Winplus will gain its foothold not only in the carry and carry (C&C) space but also in the carry and delivery (C&D) space. Adding Hanwha’s nationwide distribution network along with existing logistics centers located in Seoul metropolitan area is expected to reinforce the company’s logistics competitiveness.

VIG Partners, backed by stronger infrastructure through the Hanwha deal, is speeding up the expansion of its distribution channels by increasing the number of directly-run foodstuffs retailers. The PE firm’s latest acquisition of Homenuri Mart has also come with in line with its strategy.

(Reporting by Hee-yeon Han)
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