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Stonebridge Capital in advanced talks to buy Health Balance PE firm began due diligence on nutritional supplement company this month

Translated by Ryu Ho-joung 공개 2021-06-17 07:54:10

이 기사는 2021년 06월 17일 07:50 더벨 유료페이지에 표출된 기사입니다.

Stonebridge Capital is in advanced talks to acquire Health Balance owned by TPG, with a deal expected to be signed soon, industry sources said.

The Seoul-based firm teamed up with an unnamed strategic investor to buy the nutritional supplement company and has been conducting due diligence for the past two weeks, according to sources. If everything goes smoothly, the planned acquisition is expected to close during the third quarter of the year.

The deal is expected to be worth more than 100 billion won ($89.5 million). Stonebridge Capital’s newest fund, which closed last year and focuses on mid-cap growth companies, will be used for the acquisition. The fund was also used when the private equity firm purchased AJ Total’s chilled and frozen warehouse business earlier this year.

The transaction would mark Stonebridge Capital’s first investment in the nutritional supplement sector. The firm, however, has a strong track record in retail and food and beverage sectors.

Health Balance’s baby food brand Bebecook, which was spun off as an independent entity earlier this year, is said to be excluded from the sale. Stonebridge Capital will acquire the remaining businesses, including red ginseng products, weight-loss foods and fitness supplement retail.

TPG acquire 100% of Health Balance from Anchor Equity Partners in 2019 and has grown the company through bolt-on acquisitions. The nutritional supplement firm bought a 100% stake in Fitness Store, an online platform that sells various brands of health and fitness supplements, for 11.6 billion won last year. It also invested 10 billion won in mask brand ETIQA.

Especially, Fitness Store is likely to be a cash cow, industry watchers said. Founded in 2014 by a former fitness instructor, the online shopping platform has recorded rapid growth, with its revenue exceeding 10 billion won in 2017 compared to a mere 1 billion won in 2015. (Reporting by Ar-rum Rho)
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