Private Equity KoreaWidePartners Acquires 'Jalpullineunjip' Mirae Life

Jalpullineunjip Complex Set Officially Launches on Home&Shopping. Photo by Miraesaenghwal

[Asia Economy Reporter Kwon Jae-hee] Private equity firm Korea Wide Partners is acquiring Mirae Saenghwal Co., Ltd. and Mirae Paper Co., Ltd., the second-largest hygiene product companies in Korea, well known for the 'Jalpullineunjip' brand.

According to the investment banking (IB) industry on the 3rd, Korea Wide Partners recently completed the acquisition of 100% of the shares of Mirae Saenghwal and its subsidiary Mirae Paper. The total acquisition amount is 300 billion KRW, and a project fund (PEF) was established to raise the acquisition funds. It was confirmed that half of the acquisition amount was raised through acquisition financing via Kiwoom Securities.

Mirae Saenghwal and Mirae Paper are leading domestic hygiene product companies holding the second-largest market share. In addition to toilet paper known as 'Jalpullineunjip,' they manufacture and sell various hygiene products such as wet wipes, kitchen towels, adult diapers, and PET products.

Korea Wide Partners stated that the investment decision was based on Mirae Saenghwal's stable performance and financial structure. Notably, Mirae Saenghwal is the only company in the industry to have recorded sales growth for 10 consecutive years and consistently achieves high operating profits annually. As a result, in 2020, it recorded consolidated sales of 173.4 billion KRW, operating profit of 21.9 billion KRW, and EBITDA of 27.5 billion KRW, and currently holds over 50 billion KRW in net cash, demonstrating a very sound financial structure.

A representative from Korea Wide Partners said, "During the acquisition process of Mirae Saenghwal, we collaborated closely with a management team from a global hygiene product company from the early stages of the deal, preparing detailed business plans and concrete execution measures to rapidly enhance corporate value in a short period, thereby attracting investors' investments." He added, "Korea Wide Partners plans to implement specific strategies to enhance corporate value together with the management team immediately after the acquisition."

Meanwhile, Korea Wide Partners is a buyout-specialized private equity firm established in June 2016. Despite the challenging environment due to COVID-19 early last year, it successfully completed the sale of Dongbu Express, a highway bus company in the Gyeonggi and Gangwon regions, achieving an internal rate of return (IRR) of over 21%, nearly double the invested principal. Additionally, Hamill, an egg distribution company whose shares were acquired in 2018, has recorded an average annual sales and operating profit growth rate of over 34% since the investment, benefiting directly from the implementation of edible egg sorting and packaging operations.

This content was produced with the assistance of AI translation services.