이 기사는 2022년 05월 04일 08시05분 thebell에 표출된 기사입니다

Global private equity firm TPG is accelerating a process to boost baby food company HB F&B’s corporate value amid its efforts to expand the baby food business after its sale of nutritional supplement company Health Balance last year.

TPG acquired 100% of Health Balance from Anchor Equity Partners for 280 billion won ($221 million) at the end of 2019. After the post-merger integration process, the PE firm has actively made bolt-on acquisitions. It took over 100% of Fitness Store for 11.6 billion won and invested 10 billion won in mask maker Filt. Health Balance has expanded its business to include red ginseng products, weight-loss foods, fitness supplement retail and masks.

Last year, TPG sold Health Balance to a consortium of Daehan Flour Mill and Stonebridge Capital for 75 billion won. It spun off the baby food business and established HB F&B, which oversees companies including Bebecook, the largest baby food company in the country, and Naedam F&B, formerly Alvins FD.

TPG has decided to capitalize on the baby food market’s rapid growth. According to the Korea Agro-Fisheries & Food Trade Corp, the production of baby food for infants and toddlers in Korea surged from 41.5 billion won in 2016 to 89 billion won in 2020. It is estimated to have surpassed 100 billion won last year.

Bebecook and Naedam F&B are focusing on subscription services for their growth. Naedam F&B recorded revenue of 87.7 billion won and an operating profit of 5.8 billion won in 2021.

Bebecook established its Chinese entity in May 2021. Bebecook China delivered revenue of 170 million won and a net loss of 600 million won last year. (Reporting by Se-hun Jo)