SCPE buys control of Korea’s Sung Gyung Food
Standard Chartered Private Equity (SCPE) has acquired a controlling interest in Sung Gyung Food, South Korea’s second largest toasted and seasoned seaweed producer, for $123.5 million.
Established in 1981, Sung Gyung Food produces a variety of roasted seaweed under the Jidopyo brand. Having built a strong distribution network in South Korea and North Korea, the company is looking to grow its business through export and online channels.
“In addition to the growth from the company’s existing business, which has grown at 16.4% CAGR [compound annual growth rate] since 2012, we see imminent growth opportunities through expanding its sales network and product diversification. We look forward to supporting the company’s expansion plans to become the unrivaled leader of processed seafood products in Asia,” Taeyub Kim, a representative director at SCPE Korea, said in a statement.
SCPE recently relaunched an effort to spin-out its team and the remaining $1 billion in PE assets on its balance sheet into an independent entity. This is consistent with the parent company’s objective to exit the principal investment business.
The firm’s previous investments in South Korea include an acquisition of wastewater treatment specialist Kolon Water & Energy in May of last year.
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