Carlyle Completes About $731m Acquisition of Chungho Nais and Three Affiliates
After the founder's death, his heirs sold 100% of the water purifier maker and three affiliates; the price rose from about $551.7m to over $689.7m during due diligence.
- Deal value
- $732m
- Stake
- 100%
- Implied 100%
- $732m
- Revenue
- $352m
- Op. income
- $31m
- Multiples
- EQV/EBIT 23.6xPSR 2.1x
구주
Secondary KRW 1.0611tn ÷ 100% stake (incl. 3 affiliates)
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260409000694
- Target
- Chungho Nais · Water purifiers / appliance rental
- Buyer
- The Carlyle Group · FI
- Seller
- Individuals (founder's heirs etc.)
- Structure
- Secondary
- Announced
- Jun 4, 2026
- Closed
- Aug 25, 2026
- Stage
- Closed
Target
Chungho Nais manufactures and rents household appliances such as water purifiers and air purifiers, with ice-water purifier technology and a nano-filter direct-connection purifier business, and operates overseas including the US and China. The sale covered 100% of affiliates Microfilter, MCM and Nice Engineering as well.
Deal rationale
Reports say that after founder Jung Hwi-dong died in June 2025, his widow and two sons, who inherited his 75.1% stake, faced inheritance tax estimated at KRW 200-350bn and sold control; Carlyle secured exclusive negotiating rights, signed an SPA for 100% in June 2026 after about four months of due diligence and closed in August. Carlyle was reported to plan domestic share gains through ice-water purifier technology and brand, expansion of the nano-filter direct purifier business, growth in the US and China and entry into Southeast Asia.
| Revenue | $352m |
| Operating income | $31m |
| EBITDA | — |
| Net income | $39m |
2025 연결 · DART-verified · 20260409000694
Lead
Global private equity firm The Carlyle Group acquired 100% of water purifier maker Chungho Nais and its affiliates Microfilter, MCM and Nice Engineering. The share purchase agreement was signed in early June 2026 and the deal closed in August; league tables record it at about $731m. The family’s lending affiliate, Donggrami Finance, was excluded.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is an example of a Korean mid-sized company choosing a sale over succession after its founder’s death. Founder Jung Hwi-dong died in June 2025, and his heirs, who inherited a 75.1% stake, were reported to face an inheritance tax bill of about $241.4m. The price rose from about $551.7m initially discussed to over $689.7m during due diligence.
Strategic context
Chungho Nais makes water purifiers and air purifiers and runs rental and maintenance services.
| Item | Figure |
|---|---|
| 2025 revenue (consolidated) | $351.9m |
| 2025 operating income | $31m (2024: $44.8m) |
| 2025 net income | $39.1m |
| Simple multiples (vs Chungho Nais alone) | price/operating income about 24x; price/net income about 19x |
Financials from the DART consolidated audit report. The price includes three affiliates, so the multiples are for reference only.
What’s next
Growth in the rental business and integrated management of the affiliates under Carlyle are the next things to watch.
Advisors: Kim & Chang (buy-side legal), Lee & Ko (sell-side legal), Samil PwC, Deloitte Anjin and Samjong KPMG (accounting)