Hyundai Department Store to acquire 30% of Zinus for KRW 774.7bn
- Deal value
- $534m
- Stake
- 30%
- Implied 100%
- $1.8bn
- Revenue
- $775m
- Op. income
- $51m
- Multiples
- EQV/EBIT 34.8xPSR 2.3x
Deal value ÷ stake (structure unconfirmed)
2021 연결 · DART-verified
2021 연결 · DART-verified
On implied equity value
DART 20260206000227
- Target
- Zinus · Furniture & mattresses (online)
- Buyer
- Hyundai Department Store · SI
- Seller
- Founder Lee Yun-jae and others
- Structure
- —
- Announced
- Mar 22, 2022
- Closed
- —
- Stage
- Signed
Target
Zinus is a global online furniture and mattress company that started in the US in 2006 and commercialized compressed bed-in-a-box mattresses. It is the top mattress seller on Amazon with a 30%-plus share of the US online mattress market; overseas sales were reported at 97% of revenue and online channels at 80%.
Deal rationale
A Hyundai Department Store Group official said the acquisition was to extend its offline, domestic-focused department store business into online and global areas and secure a growth engine to complement a maturing core business. The group said Zinus offered synergies with its living division and high growth potential. It agreed to buy a 30.0% controlling stake from founder Lee Youn-jae and others for KRW 774.7bn and separately subscribe to KRW 120bn of new shares to fund a third Indonesian plant and strengthen the balance sheet; Lee was to retain some shares and serve as board chairman.
| Revenue | $775m |
| Operating income | $51m |
| EBITDA | — |
| Net income | — |
2021 연결 · DART-verified · 20260206000227
Press coverage
- 아주경제 (2022-03-22): “지분 30.0%와 경영권을 7747억원에 인수한다고 22일 밝혔다.”
- 데일리안 (2022-03-22): “지분 30.0%와 경영권을 7747억원에 인수”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.