Whether South Korea’s leading weight-loss food brand I’m Dak will go under domestic or foreign capital will be decided within the month.
According to sources from the investment banking industry on Wednesday, multiple bidders including the country’s major fried chicken brand Kyochon F&B submitted their final proposal for the offering of whole ownership in Wise UX Global, the owner of I’m Dak label. The stake is owned by Korea Investment Partners, Credian Partners and Gravity Private Equity.
The sellers are expected to select the preferred bidder within this week. Samil Pricewaterhouse Coopers (PwC) is the sole advisor for the sale.
The deal has been drawing a heated interest from big food companies and PEFs seeking to capitalize on the country’s growing market for quick and healthy meals. I’m Dak is the country’s first premium chicken breast brand using chemical-free and organic ingredients. Last month, five to six companies submitted their preliminary bids.
Wise UX Global also owns healthy meal kit brand I’m Well that offers quality ready-made food products and vegetarian diets.
The company raises 90 percent of its sales from online, with 50 percent made from its own mall.
The deal price is expected to reach 100 billion won ($84.8 million), according to sources. Wise UX Global recorded 37 billion won in revenue and 4 billion won in operating profit in 2020.
By Kang Woo-seok and Choi Mira
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]