Royal De Heus acquires 100% of CJ Feed & Care for KRW 210.9bn

SI Consumer & Retail Animal feed & livestock

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

Deal value: $145m
Stake: 100%
Implied 100%: $145m
Revenue: $1.6bn
Op. income: $51m
Multiples: EQV/EBIT 2.8xPSR 0.1x

Target: CJ Feed & Care · Animal feed & livestock
Buyer: Royal De Heus · SI
Seller: CJ CheilJedang
Structure: —
Announced: Oct 1, 2025
Closed: —
Stage: Closed

Target

Feed and livestock company spun off from CJ CheilJedang's bio-resources business in July 2019, headquartered in Seoul but operating mainly in Vietnam and Indonesia in compound-feed production and pig and poultry farming, with its own pork brand Meat Master.

Deal rationale

CJ CheilJedang described the sale as a 'select and focus' divestment of a non-core subsidiary to back its high-growth core businesses, expecting improved financial structure and lower interest costs from reduced borrowings; Hankyung reported proceeds would fund overseas plants for flagship products such as Bibigo in the US, Hungary and Japan. De Heus was reported to value the extensive Asian network of what was described as the region's largest such business. Earlier sale attempts in 2019 (Nutreco) and 2020 had failed.

사업 재편·비핵심 매각구조조정·재무개선해외 진출

Revenue	$1.6bn
Operating income	$51m
EBITDA	—
Net income	—

2024 · Multiple reports agree (not yet checked against DART)

Press coverage

한국경제 (2025-09-30): “매각가는 전체 기업가치 기준 1조2000억원 내외로 알려졌다.”
경향신문 (2025-10-01): “CJ 피드앤케어는 지난해 기준 2조3085억원의 매출과 747억원의 영업이익을 기록했다.”
Korea JoongAng Daily (2025-10-01): “for 210.9 billion won ($150 million)”
VnEconomy (2026-03-05): “This acquisition marks an important milestone in our long-term strategy to strengthen our footprint in Asia”

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