Goldman Sachs Group Inc (GS.N) and South Korean private equity firm EastBridge Partners said on Sunday they have agreed to acquire a majority stake in cookware and kitchen appliances maker Happycall Co Ltd.
Goldman and EastBridge did not disclose financial terms for the deal in their joint statement, but a person with direct knowledge of the matter told Reuters the acquisition values South Korea-based Happycall at 180 billion won ($161.5 million).
The statement did not specify from whom the stake is being bought, but said Happycall founder Hyun Sam Lee will remain a minority shareholder in the company, which makes products such as frying pans, ceramic pots and blenders. Lee owned 89.5 percent of the company at end-2015.
Happycall recorded a revenue of 132 billion won and operating profit of 10.7 billion won last year.