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Biz News Korea(Eng)
Big PEF names including Carlyle, CVC vying for CJ Healthcare
- Collected
- 2017.12.19
- Distributed
- 2017.12.20
- Source
- Go Direct
The preliminary tender conducted by CJ Group’s deal adviser Morgan Stanley initially attracted some big name global and local PEFs including Carlyle, CVC Capital Partners, MBK Partners and Bain Capital.
U.S.-based Carlyle has showed strong interest in acquiring the unit from the beginning even before a formal bidding procedure. U.K-based CVC Capital Partners and Korea’s home-grown PEF MBK Partners are also among potential contenders. Kolmar Korea, a Korean contract cosmetics manufacturer, said in a regulatory filing on Monday that it is reviewing its possible acquisition of CJ Healthcare as it could serve as a good way to diversify its business. Sources say Kolmar Korea is teaming up with Mirae Asset Global Investments to join the competition.
CJ Healthcare wholly owned by CJ CheilJedang is a developer and distributor of generic and novel drugs and health beverages. CJ Group had initially planned to exclude the health beverage business from the divestiture but it eventually decided to sell off the entire stake to make the deal more palatable to potential bidders. The deal is estimated to be valued at more than 1 trillion won ($920 million).
CJ Healthcare earned 67.8 billion won over sales of 520.8 billion won last year. CJ Group plans to short-list potential bidders and choose a preferred bidder in January after a four-week due diligence.
By Chung Seung-hwan and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]