이 기사는 2021년 05월 04일 07:45 thebell 에 표출된 기사입니다.

Alpha Vista Investment has agreed to buy Global Brands Group (GBG)’s Korea unit, GBG Korea, in a deal worth about 60 billion won ($53.5 million), industry sources said.

The transaction, which was signed on Thursday, includes the acquisition of a 100% stake in the business owned by its Hong Kong-based parent company and a capital injection of some 20 billion won, according to sources.

The purchase price represents close to 4 times the company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in its latest fiscal year, which ends in March. This compares with recent comparable deals in the industry that fetched prices of 6 to 8 times EBITDA. The deal is expected to close by the end of this month.

Hong Kong-based GBG is a fashion firm spun off from supply chain giant Li & Fung. GBG Korea sells sportswear brand Spyder through its online and offline channels. Since the launch in 2015, the brand has continued to expand its customer base in the country.

With the deal, Alpha Vista is betting on the blurring distinction between sports and leisure activities, which could help boost the outdoor apparel brand’s popularity. Founded in 1978 as a skiwear brand, Spyder has expanded its offerings to include training apparel and cycle wear.

Kim Ji-hwan, chief executive of GBG Korea, will invest in Alpha Vista’s fund as a limited partner. The Seoul-based private equity firm was launched in March last year by Heo Song-pil who previously worked for IMM Private Equity and KL & Partners.

The deal is the first buyout by Alpha Vista. Its portfolio companies include Study Senior, an education startup that connects students with cram schools. (Reporting by Ar-rum Rho)