ICEC

Goldman, South Korea fund to buy majority stake in cookware firm Happycall

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.

Source: Reuters

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