Goldman, EastBridge buy majority stake in Korea's Happycall

Details of the transaction were not disclosed in a joint statement, but people familiar with the situation told AVCJ that the investors will pay approximately KRW160 billion ($142 million) for a 90% stake. Goldman and EastBridge will make equity commitments of KRW40 billion and KRW50 billion, respectively, with the remainder raised through debt financing.

Happycall's founder and chairman Hyun Sam Lee, who previously owned 89.5% of the company, will remain as a minority shareholder after the transaction closes. Goldman and EastBridge will work with the management to strengthen the company's domestic position and and grow further in global markets, especially in Asia and the US.

Founded in 1999, the company makes products such as frying pans, ceramic pots and blenders under its Happycall, Chefel and Axlerim brands. Its products are sold in 22 countries - including China, Europe, Japan, Southeast Asia and the US - through a variety of online and offline sales channels. It recorded revenue of KRW132 billion and net profit of KRW10.7 billion last year.

Goldman has invested more than $2.5 billion in South Korea since 1999. In July, it partnered with Bain Capital Private Equity to acquire a controlling stake in Carver Korea, a specialist cosmetics supplier, for about $350 million.

Seoul-headquartered EastBridge was founded in 2011 and has over $500 million in capital under management through two funds as separate accounts. The firm targets mid-market growth capital and buyout opportunities in Korea, Greater China and Southeast Asia.

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• Topics
• South Asia
• Buyouts
• Consumer
• Expansion
• South Korea
• Goldman Sachs