이 기사는 2021년 11월 24일 08:24 thebell 에 표출된 기사입니다.

Anchor Equity Partners have successfully made a series of exits in recent years, including sales of A Twosome Place, Geo-Young, Health Balance, and Eco Green Holdings.

Anchor Equity has recently signed a stock purchase agreement to sell 100% of South Korea's No. 2 coffee chain A Twosome Place to The Carlyle Group last week, according to industry sources. The value of the deal has not been disclosed, but industry sources estimated the coffee chain to be valued between 800 billion ($675 million) and 900 billion won.

Founded in 2012, the PE firm has accelerated exit activities in recent years. It sold South Korean wholesale drug distributor Geo-Young to Blackstone in 2019. Anchor Equity invested 150 billion won in Geo-Young in 2013, which became the company with over 1 trillion won valuation in 2019. Anchor Equity reportedly gained more than 350 billion won in gains through the sale alone given its stake in Geo-Young.

In 2020, Anchor Equity exited Health Balance, in which it invested around 150 billion won in 2012. The PE firm sold the company to TPG in February 2020, generating more than two times its invested capital. In the same year, Anchor Equity offloaded its waste management portfolio Eco Green Holdings to KKR.

Having proven its exit ability through the three transactions, Anchor Equity has lived up to its name once again through the latest A Twosome Place sale.

Anchor Equity bought a 40% stake in A Twosome Place for 180 billion won from CJ Foodville in a pre-IPO placement in February 2018. It won the bidding race by offering 12-13 times the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) of about 33 billion won.

Anchor Equity bought an additional 45% in the coffee chain for 202.5 billion won in 2019, gaining management control. The PE firm bought the remaining 15% stake for 71 billion won the following year.

The PE firm poured a lot of money into A Twosome Place after the acquisition, which made it the only coffee chain whose profits increased despite the Covid-19 pandemic.

A Twosome Place recorded revenue of 365.5 billion won in 2020 on a consolidated basis, up from 274.3 billion won in 2018 and 331.2 billion won in 2019. EBITDA was 70.9 billion won in 2020, which sharply increased from 59.5 billion won in 2019. The coffee chain’s EBITDA, which was 36.7 billion won in 2018, more than doubled after Anchor Equity’s acquisition.

After the acquisition, Anchor Equity actively invested in the coffee chain’s IT infrastructure, systemization, and R&D. It focused on the company’s non-face-to-face services and delivery services by developing a mobile application.

Anchor Equity expended the company’s research and development center which was located in the CJ Foodville’s laboratory to enhance bakery product development capabilities.

Some market insiders expressed doubts about Anchor Equity’s decision to sell the coffee franchise because it seems to have more time to harvest profits from its large scale investments. Anchor Equity, however, appears to have made a quick strategic decision to exit as it has secured a buyer that is willing to value the company twice higher than the valuation at which Anchor Equity made its investment. (Reporting by Hee-yeon Han)