GS Group consortium (Aphrodite Acquisition Holdings: GS, CBC Group, Mubadala, IMM Investment) to acquire 42.895% of Hugel for KRW 1.72tn
- Deal value
- $1.2bn
- Stake
- 42.895%
- Implied 100%
- $2.8bn
- Revenue
- $146m
- Op. income
- $54m
- Multiples
- EQV/EBIT 51.5xPSR 19.0x
Deal value ÷ stake (structure unconfirmed)
2020 연결 · DART-verified
2020 연결 · DART-verified
On implied equity value
DART 20210318001396
- Target
- Hugel · Aesthetic biologics (toxin & fillers)
- Buyer
- GS Group consortium (Aphrodite Acquisition Holdings: GS, CBC Group, Mubadala, IMM Investment) · SI
- Seller
- Bain Capital (via Leguh Issuer DAC)
- Structure
- —
- Announced
- Aug 25, 2021
- Closed
- —
- Stage
- Signed
Target
Hugel is Korea's No.1 botulinum toxin company (five consecutive years) and also sells HA fillers and cosmetics (Wellage). Bain Capital was reported to have acquired a 44.4% stake in 2017 for KRW 927.5bn via its SPC LIDAC.
Deal rationale
GS Chairman Huh Tae-soo said Hugel has proven products such as botulinum toxin and HA fillers with global competitiveness and is expected to keep growing, and that GS would develop it as a platform to diversify and expand the group's bio business. A GS official called the stake 'a cornerstone for entering the medical-bio business,' and the GS consortium said it highly valued the market expansion potential of Hugel's toxin and fillers in therapeutic and aesthetic fields. GS and IMM Investment each invested USD 150m in an overseas SPC; seller Bain Capital was reported by Dealsite to have bought 44.4% in 2017 for KRW 927.5bn and begun reviewing a sale in May 2021.
| Revenue | $146m |
| Operating income | $54m |
| EBITDA | — |
| Net income | — |
2020 연결 · DART-verified · 20210318001396
Press coverage
- 딜사이트 (2021-08-26): “1조7239억원에 휴젤을 품는 데 성공했다”
- 데일리팜 (2021-11-18): “지난 8월 1조7240억원에 기존 최대주주인 베인캐피탈 소유 휴젤 지분 전량(46.9%)를 인수하며”
- 딜사이트 (2021-08-16): “휴젤 지분 42.9%를 경영권과 함께 매각할 방침이다”
- 더팩트 (2021-08-25): “휴젤에 대한 지분 투자는 의료바이오 사업 진출에 대한 초석으로 의미가 있다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.