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Praxis Capital acquires management rights of health supplement firm SeungMyeong PE firm purchases shares worth $49 mil

Translated by Kim So-in 공개 2021-09-17 12:57:40

이 기사는 2021년 09월 17일 08:08 더벨 유료페이지에 표출된 기사입니다.

Seoul-based private equity (PE) firm Praxis Capital has acquired South Korean health supplement company SeungMyeong to capitalize on the fast-growing health supplement market and the company’s competitiveness in the global market.

Praxis Capital signed a contract with the company to purchase shares worth 58 billion won ($49 million) to secure management rights in July, industry sources said on Wednesday. The acquisition was fully financed through the PE firm’s blind-pool fund.

Established in 2008, SeungMyeong operates health supplement brands like Naturalize and The REAL, whose main product categories include omega 3, propolis, and gamma-linolenic acid.

The company has built overseas networks in North America, Oceania, and Europe over the past 10 years to focus on the product development. It also owns more than 400 stock keeping units and is developing private brands for more than 30 retailers.

Praxis Capital has primarily reviewed the company’s competitiveness in the health supplement market to make the latest investment. The health supplement market was estimated to be worth around 6 trillion won in 2020 and is expected to grow fast in the coming years as consumption trends change. SeungMyeong posted revenue of around 30 billion won in 2020, with an average annual revenue growth of 50% over the last three years.

Praxis Capital plans to further enhance the company’s products beyond the health supplement category through the latest buyout investment as the company’s mainstay products have already secured top positions on the country's major ecommerce platforms such as Naver and Coupang. (Reporting by Ha-na Suh)
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