Eugene Sonic (Eugene Group) to acquire 53% of Vroong (Mesh Korea) controlling stake for KRW 60bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $41m
- Stake
- 53%
- Implied 100%
- $78m
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- Vroong (Mesh Korea) controlling stake · Last-mile delivery platform
- Buyer
- Eugene Sonic (Eugene Group) · SI
- Seller
- Sale led by creditor OK Capital; existing shareholders
- Structure
- —
- Announced
- Nov 22, 2022
- Closed
- —
- Stage
- Announced
Target
Mesh Korea operates the Vroong two-wheeler delivery platform and was described as the No. 1 B2B two-wheeler delivery platform in Korea, also running a micro-fulfillment center in Gangnam.
Deal rationale
According to Money Today, creditor OK Capital, which held the founders' shares as collateral for a KRW 36bn loan, led the sale and introduced Eugene Sonic as the prospective buyer; Eugene Sonic reportedly proposed a KRW 60bn rights offering, repayment of OK Capital's principal and interest, and a resulting 53% stake. Existing shareholders were reported to expect that combining Eugene Sonic's four-wheel logistics with Mesh Korea's two-wheel network could make the group a dominant quick-commerce player. No direct statement from Eugene appears in the article; later reports named hy as a competing bidder.
Press coverage
- 머니투데이 (2022-11-22): “메쉬코리아 경영권 지분 53%를 유진그룹 산하 계열사인 유진소닉이 약 600억원에”
- 딜사이트 (2023-04-24): “2022년 매출 3848억원, 영업손실 518억원, 순손실 645억원”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.