Hahn & Co to acquire meal kit company MyChef Deal is add-on acquisition for Korean Air’s in-flight catering business
Translated by Ryu Ho-joung 공개 2022-04-12 08:12:59
이 기사는 2022년 04월 12일 07:34 thebell 에 표출된 기사입니다.
Hahn & Company is set to acquire South Korean meal kit brand MyChef in a 65 billion won ($52.7 million) deal.The Seoul-based private equity firm is expected to sign a share purchase agreement with the meal kit company later this week, according to industry sources.
The deal is an add-on acquisition for Korean Air Lines’ in-flight catering business, which Hahn & Co purchased at the end of 2020. Accounting and consulting firm Samil PwC is advising on the deal.
MyChef was founded in 2011 by its chief executive officer, Im Jong-eok. It has since gone through several funding rounds and was preparing for an initial public offering after hiring Mirae Asset Securities as its underwriter. Its last private funding round valued the company at over 50 billion won.
MyChef is one of the leading businesses in the country’s fast-growing meal kit market. It raised 7 billion won in a Series A funding round in 2019. Investors included Halla Holdings, Korea Credit Guarantee Fund, IBK Capital, Woori Bank, Creative Investment, Donghoon Investment and Mirae Asset Securities. AIM Investment was a sole investor in the company’s pre-Series B round at the end of 2020.
MyChef is the first company in the meal kit industry to manufacture products in accordance with HACCP and ISO 22000. Its revenue grew 2.5 times year-over-year to 27.6 billion won in 2020. (Reporting by Hyo-jung Lim)
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