Do not index
Do not index
Oyang Corporation, a South Korean deep-sea fishing company, and Sajo CPK, formerly known as Ingredion Korea, have acquired a 99.86 percent stake in Foodist for KRW 252 billion (USD 181 million, EUR 169 million).
Oyang Corporation specializes in fishing for tuna, pollock, squid, cod, herring, halibut, snapper, whiting, and other species, and processes various value-added seafood products, including fish paste and frozen seafood. Sajo CPK, acquired by Sajo Group from U.S.-based Ingredion in a USD 294 million (EUR 274 million) deal in February, is a manufacturer of ingredient solutions for the food and beverage industry.
In a press release announcing the acquisition, Oyang reported that Foodist generated total revenues of KRW 1.03 trillion (USD 742 million, EUR 693 million) in the year ending 31 December 2023, with a net income of KRW 3.05 billion (USD 2.2 million, EUR 2 million), total debts of KRW 264 billion (USD 190 million, EUR 177 million), and total assets of KRW 378 billion (USD 272 million, EUR 254 million).
Foodist is the sixth-largest food materials distribution and catering service operator in Korea, according to The Korea Economic Daily. The acquisition by Sajo Group is expected to elevate Sajo Group to the position of South Korea's third-largest food conglomerate, surpassing Daesang Corp. and ranking behind CJ CheilJedang and Dongwon.
Foodist originated as Hanwha Hotel & Resort’s in-house food distribution and meal service unit before being sold to VIG Partners for KRW 100 billion (USD 72 million, EUR 67 million). VIG Partners subsequently merged it with WinPlus, forming Foodist in 2021 before selling it to Sajo Group.
VIG Partners Managing Partner Chulmin Lee stated on LinkedIn that the sale provided double the return and demonstrated the attractiveness of the mid-market buyout segment in Korea.
Written by
Tradoubles is a cross-border seafoods marketplace. We help you source the best seafood suppliers from asian countries.
