CVC to sell Korea's WiniaMando to Hyundai Green Food

Hyundai Department Store confirmed in a regulatory filing that the two parties signed a memorandum of understanding on August 7. The deal is expected to close in September.

Winia Mando developed Korea's first kimchi refrigerator in 1995. The device is used to ferment and preserve the vegetable-based dish, which is a domestic staple food. It can also be used to store other fruits, vegetables and meat.

The company has a more than 30% market share in kimchi refrigerators, which account for over 80% of sales. WiniaMando also produces air washers, water purifiers and air-conditioning units and distributes products through 215 exclusive dealers, 390 specialty electronics stores, 280 discount and department stores, and TV and online shopping channels. It has an annual turnover of $391.2 million.

WiniaMando was established in 1962 under the name Hyundai International, the forerunner to Korean conglomerate Mando Corporation. When Mando went bankrupt in 1999, WiniaMando - then known as Mando Climate Control - was acquired by UBS Capital (now Affinity Equity Partners), CVC, Oriens Capital and PPM Ventures for $210 million.

The company was renamed WiniaMando in 2003 and the automotive climate control division was sold off to US-based Modine Manufacturing the following year for $88 million. In 2005, CVC bought out its partners and took full ownership of the business.

Hyundai Green Food supplies fresh produce and ingredients to restaurants and retailers. It was set up in 1973 as the catering business section of Hyundai Department Store. Hyundai Green Food reported sales of KRW1.28 trillion in 2013, up from KRW1.13 trillion the previous year. Net income dropped from KRW51.5 billion in 2012 to KRW50.8 billion in 2013.

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• Topics
• Exits
• North Asia
• Buyout
• Consumer
• Consumer
• manufacturing
• CVC Capital Partners
• South Korea
• Exit
• Trade sale