Two subsidiaries of the Sajo Group – Oyang and Sajo CPK – have acquired a 99.86 percent stake in Foodist for KRW 252 billion (USD 181 million, EUR 169 million).
Oyang Corporation is a deep-sea fishing company based in South Korea, which fishes for tuna, pollock, squid, cod, herring, halibut, snapper, whiting, and more. The company also processes a number of different value-added seafood products, including fish paste and frozen seafood products.
Sajo CPK was formerly known as Ingredion Korea, a manufacturer of ingredient solutions for the food and beverage industry. Sajo Group acquired Ingredion Korea from U.S.-based Ingredion in a USD 294 million (EUR 274 million) deal in February and has since renamed it Sajo CPK.
In a press release announcing the sale, Oyang said that Foodist reported total revenues of KRW 1.03 trillion (USD 742 million, EUR 693 million) in the full-year period ending 31 December 2023. It also reported net income of KRW 3.05 billion (USD 2.2 million, EUR 2 million), total debts of KRW 264 billion (USD 190 million, EUR 177 million), and total assets of KRW 378 billion (USD 272 million, EUR 254 million).
Foodist is the sixth-largest food materials distribution and catering service operator in Korea, The Korea Economic Daily reported.
Sajo Group’s acquisition of Foodist, Korea Economic Daily reported, means it will likely overtake one of its main rivals, Daesang Corp., to become South Korea’s third-largest food conglomerate behind CJ CheilJedang and Dongwon.
Foodist was originally Hanwha Hotel & Resort’s in-house food distribution and meal service until Hanwha Group sold the company to VIG Partners for KRW 100 billion (USD 72 million, EUR 67 million). VIG Partners then merged that entity with WinPlus, creating Foodist in 2021 before selling the business to Sajo Group.
VIG Partners Managing Partner Chulmin Lee, in a LinkedIn post, said the sale provided double in return and “strongly demonstrated the attractiveness of the mid-market buyout segment in Korea.”
