HK-based Affinity Equity Partners to acquire online recruiting platform

Hong Kong-based private equity firm Affinity Equity Partners has been selected as the preferred bidder for the acquisition of South Korea’s online recruiting portal Jobkorea.

According to sources Thursday, Affinity and Korean private equity house H&Q Korea will ink an agreement over the transaction of a 100 percent stake in the company roughly valued at nearly 900 billion won ($800 million).

Affinity beat out private equity peers MBK Partners, CVC Capital Partners and TPG Capital Asia in the bidding war.

The news comes after Jobkorea became wholly owned by H&Q Korea in an acquisition deal completed in 2015. H&Q bought a 49 percent stake of Jobkorea for 95 billion won in 2013 and purchased the remainder two years later for 110 billion won.

Jobkorea is the nation’s largest online recruiting platform, accounting for some 40 percent of its market share. The company’s revenue came to 105 billion won for 2019, up 40 percent from 2016. Jobkorea is also a parent company of Albamon, a recruiting platform dedicated to part-time jobs.

Affinity focuses on private equtiy investments in East Asia, Southeast Asia and Australia.

Its Korean portfolio ranges from Serveone, the former maintenance, repair and operations affiliate of LG, to household product maker Lock & Lock and fast food chain Burger King Korea. Affinity is also a minority shareholder in e-commerce company SSG.com, corporate financing firm Hyundai Commercial and banking group Shinhan Financial Group.

By Son Ji-hyoung (consnow@heraldcorp.com)