Vogo buys Korean lifestyle product maker Bodyfriend

Vogo's co-investment partners included Korean PE fund Neoplux. The size of the deal was not disclosed, but in a statement Vogo said that the transaction values the company at KRW310 billion ($262 million).

In addition to its previous holding in Bodyfriend, Vogo's purchase of a 48.6% stake from the company's founder gives it a 90% share in all.

Bodyfriend, established in 2005, is one of South Korea's earliest massage chair manufacturers and now has a 50% market share. The company is known for its nationwide retail store network and for pioneering the availability of payment plans to make its products more accessible and affordable.

Bodyfriend's other lines of business, including latex mattresses and water purifiers, are also a major source of income for the company, comprising nearly 20% of revenue.

Vogo has completed a number of buyout deals in South Korea's middle market. It seeks companies in market leadership positions, with enterprise values greater than $100 million, strong management teams, the potential for inorganic growth, and undervalued assets due to distressed situations or economic downturns.

The firm had raised $350 million for its second fund as of December 2013, with a final close expected in 2014. Earlier this year Vogo exited its majority stake in one of its biggest assets, Tong Yang Life Insurance, to China's Anbang Insurance for KRW1.13 trillion.

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• Topics
• North Asia
• Consumer
• Buyouts
• Buyout
• South Korea
• Vogo Investment
• Consumer
• buyout