"I Won't Buy It"... Baek Jong-won Issues Official Statement Amid Rumors of Acquiring Norang Tongdak

by Seo Jiyeong

Published 03 Apr.2025 21:25(KST)

Updated 04 Apr.2025 08:39(KST)

"Discussions Halted, No Intention to Acquire"

Baek Jong-won, CEO of The Born Korea. Photo by Kang Jin-hyung

The Born Korea, led by CEO Baek Jong-won, officially stated that it has "no intention to acquire" the chicken franchise Norang Tongdak amid recent acquisition rumors.

On the 3rd, The Born Korea announced through a public disclosure, "We had meetings and received introductory materials at the request of the advisory firm for the sale of Norang Food (the corporate name of Norang Tongdak), but discussions were halted without further progress," adding, "We have no intention to acquire (Norang Tongdak)."

However, The Born Korea plans to pursue mergers and acquisitions (M&A) and equity investments to create synergies, including in the food and beverage (F&B) food tech sector. The Born Korea secured 93.5 billion KRW in public offering funds through its listing last November, and at that time announced plans to use 80 billion KRW for acquiring and securing shares in wholesale and retail specialized food companies, and 13.5 billion KRW for acquiring shares in food tech-related companies. Baek Jong-won, CEO of The Born Korea, also stated at last month’s shareholders meeting, "We will pursue M&A and equity investments in businesses capable of creating synergies."

Founded in 2009 in Busan, Norang Tongdak has shown steady growth. The number of franchise stores increased from 562 in 2021 to 752 last year. Sales also rose from the 70 billion KRW range to 106.7 billion KRW last year, with operating profit reaching 12.7 billion KRW.