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EastBridge Partners, Goldman Sachs to jointly buy Happycall at $160 mn

Collected: 2016.08.22

Distributed: 2016.08.23

Source: Go Direct

South Korean private equity firm EastBridge Partners and Goldman Sachs Group Inc. will jointly invest 180 billion won ($159.6 million) in the nation’s No.1 kitchenware maker Happycall Co.

According to the investment banking industry Saturday, EastBridge Partners formed a consortium with Principal Investment Area (PIA), which manages the New York-based investment bank’s own investments, to purchase a 100 percent stake in Happycall for 180 billion won. EastBridge Partners will inject 50 billion won and PIA 40 billion won. The Korean firm’s founder and Chairman Lee Hyun-sam will invest 10 billion won using the invested fund and remain a shareholder after the deal closes.

Another 80 billion won will be prepared by acquisition financing from Hana Financial Investment Co. EastBridge Partners and Goldman Sachs would jointly run the Korean kitchen appliance maker after acquisition. Goldman Sachs is expected to play a role in helping Happycall build global partnership that will pave the way for the Korean cookware supplier’s forays into overseas markets. Its chairman Lee will take part in running Happycall.

Founded in 1999, Happycall manufactures cookware and kitchenware products, ranging from titanium-coated frying pans, pots and double-sided pans to small appliances like blenders.

By Kang Doo-soon

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