Goldman Sachs, EastBridge to take over majority stake in Happycall

[THE INVESTOR] Goldman Sachs and local private equity firm EastBridge Partners said on Aug. 21 they have agreed to acquire a majority stake in Happycall, a cookware and kitchen appliance company based in South Korea. 

The firms did not disclose financial terms in the statement. But according to local news reports, the firms will secure a 90 percent stake in the company for 180 billion won (US$161.35 million). Goldman and Eastbridge will invest 40 million won and 50 million won, respectively, while the remaining 90 million won will be raised by acquisition financing

 

“Happycall is already a company defined by premium quality products, R&D, strong growth, high profitability and large recurring sales,” said Kevin Lim, CEO of EastBridge Partners.

“We look forward to bringing our strong international network and decades of experience in building global market leaders to the company,” said Lee Jae-hyun, a managing director at Goldman Sachs.

Founded in 1999, Happycall is a global cookware and kitchen appliances company which makes products such as frying pans, double-sided pans, ceramic and stainless pots and blenders. The products are sold in 22 countries in Europe, Asia and Americas. The company’s founder and CEO Lee Hyun-sam will remain a minority shareholder in the company, according to the statement. 

By Ahn Sung-mi (sahn@heraldcorp.com)