SEOUL/HONG KONG Aug 11 Global private equity
firm CVC Capital Partners has agreed to sell kimchi refrigerator
maker WiniaMando Inc for around 150 billion won ($144.73
million) to South Korea's Hyundai Green Food Co, a
Hyundai spokeswoman said on Monday.
WiniaMando's main brand is Dimchae, a line of refrigerators
designed to store kimchi - a spicy and pungent side dish
comprising fermented cabbage and other vegetables. The company
pioneered the concept of kimchi fridges and holds a market share
of over 30 percent in South Korea, according to CVC's website.
Kimchi refrigerators have special temperature switches to
control the fermentation process. They are also capable of
storing perishables for longer. Kimchi is traditionally made in
large batches in late autumn or early winter.
Hyundai Green Food said on Monday that it signed a
memorandum of agreement on Aug. 7 with WiniaMando Holdings B.V.,
and that it was reviewing the feasibility of buying WiniaMando.
CVC owns WiniaMando through WiniaMando Holdings B.V.
The Hyundai spokeswoman said the contract would be signed
after Hyundai completes its due diligence on WiniaMando.
CVC, which first acquired a stake in the company under a UBS
Capital-led consortium in 1999, declined to comment.
In 2013, WiniaMando reported revenue of 412.9 billion won
and operating profit of 17.2 billion won, compared with revenue
of 426.7 billion won and operating profit of 33.2 billion won a
year earlier, according to filings.
The 2013 figures do not include the financials of a small
Shares in Hyundai Green Food closed 5.2 percent higher on
Monday, beating a 0.4 percent rise in the wider market.
(1 US dollar = 1,036.4000 Korean won)
(Reporting by Joyce Lee and Stephen Aldred; Editing by Ryan