Stonebridge Capital & Hahn & Brothers (BF Heart SPC) acquires 46.3% of Bodyfriend for KRW 417bn

FI Bio & Healthcare Massage chairs and healthcare appliances

Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.

Deal value: $288m
Stake: 46.3%
Implied 100%: $621m
Revenue: $408m
Op. income: $47m
Multiples: EQV/EBIT 13.1xPSR 1.5x

Target: Bodyfriend · Massage chairs and healthcare appliances
Buyer: Stonebridge Capital & Hahn & Brothers (BF Heart SPC) · FI
Seller: VIG Partners (and Shinhan Venture Investment)
Structure: —
Announced: Jul 28, 2022
Closed: Jul 28, 2022
Stage: Closed

Target

Bodyfriend, founded in 2007, is a massage-chair healthcare company with 2021 revenue of KRW 591.3bn and operating profit of KRW 68.5bn. VIG Partners and others became its largest shareholder with a 43% stake in 2015.

Deal rationale

Reports say VIG Partners and Shinhan Venture Investment (formerly Neoplux) invested in Bodyfriend via an SPC set up in April 2015, and exited after about seven years. The Stonebridge-Hahn & Brothers consortium was named preferred bidder on 1 November 2021, formed BF Heart as co-GPs, and completed the acquisition of a 46.3% controlling stake in July 2022 (The Fact). No official rationale from the buyers was reported; The Fact noted Bodyfriend's aim to become a global digital healthcare group.

PE 세컨더리PE 회수(펀드 만기)

Revenue	$408m
Operating income	$47m
EBITDA	—
Net income	—

2021 · Single report, unverified (not yet checked against DART)

Press coverage

더팩트 (2023-02-18): “당시 인수가는 4170억 원 수준으로 알려졌다.”
아시아경제 (2024-11-04): “비에프하트가 지분 46.3%를 사들여 경영권을 인수했다.”
서울경제 (2022-07-22): “바디프랜드 … 스톤브릿지캐피탈·한앤브라더스 … VIG파트너스 … 4200억”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.