A tender for Wise UX Global, the operator of South Korea’s leading weight-loss meal brand I’m Dak, has attracted multiple bidders on expectations that the healthy food market would grow rapidly in the country.

According to sources from the investment banking industry on Thursday, five to six financial and strategic investors submitted their preliminary bids to buy Wise UX Global.

Up for sale is a stake owned by a consortium of Korea Investment Partners, Credian Partners and Gravity Private Equity. Samil Pricewaterhouse Coopers (PwC) is the advisor for the sale which is valued at an estimated 100 billion won ($85.3 million).

Wise UX Global owns premium chicken breast brand I’m Dak and meal kit label I’m Well. They have been leading the country’s weight-loss food market by using organic and chemical-free ingredients. The company runs its own research lab and invests heavily in research and development. It is attracting financial investors for the great growth potential of the market as well as strategic investors seeking to expand their business to the meal kit industry.

The PEF consortium has enhanced the company’s corporate value by aggressively marketing its products and expanding distribution channels and logistics centers since its acquisition in 2017. The company has raised a large proportion of its sales from e-commerce platforms.

Its operating profit was estimated at 4 billion won in 2020, up 19 percent from the previous year, according to market sources. Sales edged down by 5 percent to 37 billion won, but net figure swung to profit.

By Kang Woo-seok, Kang In-seon and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]