ICG invests in Korea's Big Mama Seafood
Intermediate Capital Group (ICG) has announced a second deal in three weeks from its fourth Asia fund – which closed last year on USD 1.1bn – with a commitment of undisclosed size to Korea-based Big Mama Seafood.
The target company is a manufacturer of premium seasonings and condiments located in Tong Yeong, a fishery region along the country’s southern coast. It is best known for Dashi, a seafood-based broth sold in tablet and tea packet forms. Big Mama Seafood has developed its own brands and also serves other manufacturers on a white-label basis.
ICG said in a statement that the company is the dominant player in Korea’s B2C raw broth and seasoning market, which is worth KRW 1.1trn. It will work with the founding team to drive the next phase of growth, in terms of geographic expansion and enhanced organisational capacity.
“Big Mama Seafood is the dominant market leader in the Korean condiment manufacturing market, having enjoyed a first-mover advantage. We are delighted to partner with an experienced management team with a core focus on product excellence,” said Wooseok Jun, head of Asia Pacific at ICG.
The Big Mama Seafood investment comes on the heels of the acquisition of a 56.44% stake in Australia-based day hospital operator PresMed Australia for AUD 45.2m (USD 31.3m) from South Africa-listed Advanced Health. The private equity firm is working in tandem with PresMed’s management team and doctor shareholders.
Founded in 1997, the company has seven facilities and more than 150 accredited surgeons. It specialises in ophthalmology as well as ear, nose, and throat conditions, pain management, and reconstructive face surgery. ICG has previously invested in a string of Australia and New Zealand healthcare businesses, including Canopy Healthcare, Everlight Radiology, and Cura Day Hospitals.
PresMed and Big Mama Seafood represent the fifth and sixth investments from Fund IV.
ICG pursues three strategies in Asia: sponsorless or corporate transactions; mezzanine finance; and balance sheet repair and restructuring. Fund IV primarily focuses on the first of these, providing bespoke and complex capital structures that meet the specific needs of founders and management teams while offering downside protection. Cheque sizes are normally in the USD 100m range.
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