M&A Deal Summary

Affinity Equity Partners, Permira and GS Retail Acquire Yogiyo

On October 29, 2021, private equity firm Affinity Equity Partners, private equity firm Permira and GS Retail acquired internet software and services company Yogiyo from Delivery Hero

Acquisition Highlights
  • This is Affinity Equity Partners’ 3rd, Permira’s 15th and GS Retail’s 1st transaction in the Internet Software and Services sector.
  • This is Affinity Equity Partners’ 19th, Permira’s 1st and GS Retail’s 1st transaction in South Korea.

M&A Deal Summary

Date 2021-10-29
Target Yogiyo
Sector Internet Software and Services
Buyer(s) Affinity Equity Partners
Permira
GS Retail
Sellers(s) Delivery Hero
Deal Type Divestiture

Target

Yogiyo

Seoul, South Korea
website
Yogiyo is an online food delivery platform allows users to order food from their favorite restaurants. Yogiyo is based in Seoul, South Korea.

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Buyer(S) 3

Buyer

Affinity Equity Partners

Hong Kong, China

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2004
PE ASSETS 14.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Affinity Equity Partners is an independent private equity firm focused on traditional buyout and control oriented investments across Asia-Pacific valued up to US$1 billion. Sectors of interest include businesses in consumer-related goods and services, value-added manufacturing, healthcare, financial services and business services. Affinity prefers companies with an established track record as well as proven, consistent earning power and cash flow generating ability. Affinity will not consider investments in real estate, biotechnology, tobacco, oil and gas exploration, and weaponry development and sales. Affinity Equity Partners was spun out of UBS Capital Asia Pacific in 2004 and is headquartered in Hong Kong.


DEAL STATS #
Overall 44 of 45
Sector (Internet Software and Services) 3 of 3
Type (Divestiture) 6 of 6
Country (South Korea) 19 of 19
Year (2021) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-25 Towngas Smart Energy

North Point, China

Towngas Smart Energy engages in the sales and distribution of piped gas, including the provision of piped gas, construction of gas pipelines, operation of the city gas pipeline network, the operation of gas fuel automobile refilling stations, and the sale of gas household appliances. Towngas Smart Energy was founded in 1998 and is based in North Point, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-02 Vidio

DKI Jakarta, Indonesia

Vidio is an over-the-top (OTT) media service platform for news and entertainment websites, with live streaming channels, critically acclaimed original content, real-time audience involvement, and talent spotting competitions. Vidio was founded in 2014 and is based in DKI Jakarta, Indonesia.

Buy -
Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 75.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 145 of 156
Sector (Internet Software and Services) 15 of 17
Type (Divestiture) 18 of 18
Country (South Korea) 1 of 1
Year (2021) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-12 LSNE

Bedford, New Hampshire, United States

LSNE is a contract development and manufacturing organization for the pharmaceutical and medical device markets, specializing in aseptic fill/finish and lyophilization services. LSNE was founded in 1997 and is based in Bedford, New Hampshire.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-02 Tricor Group

Hong Kong, China

Tricor Group is a corporate services provider across 20 markets globally, with a strong presence in 13 markets in the APAC region. It offers a range of services across accounting and payroll for MNCs and SMEs, corporate governance and secretarial services for both listed and unlisted companies, and investor and share registry services. Tricor Group was founded in 2000 and is based in Hong Kong, China.

Sell $2.8B
Buyer

GS Retail

Seoul, South Korea

website


Category Company
Founded 1971
Sector Retail
Revenue 8,862.3B KRW (2020)
DESCRIPTION

GS Retail engages in retailing business in South Korea. It operates convenience stores under the brand name of GS25 supermarkets under the GS Supermarket brand name; health and beauty stores under the Watsons brand name; and operates hotel under the Parnas brand name. GS Retail was founded in 1971 and is based in Seoul, South Korea.


DEAL STATS #
Overall 1 of 1
Sector (Internet Software and Services) 1 of 1
Type (Divestiture) 1 of 1
Country (South Korea) 1 of 1
Year (2021) 1 of 1

Seller(S) 1

SELLER

Delivery Hero

Berlin, Germany

website


Category Company
Founded 2011
Sector Internet Software and Services
Employees35,528
Revenue 8.6B EUR (2022)
DESCRIPTION

Delivery Hero is a worldwide network of online food ordering sites with 10s of thousands of restaurants connected to its service across 5 continents. Delivery Hero was founded in 2011 and is based in Berlin, Germany.


DEAL STATS #
Overall 7 of 7
Sector (Internet Software and Services) 7 of 7
Type (Divestiture) 7 of 7
Country (South Korea) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-16 Glovo - Latin America Operations

Argentina

Glovo - Latin America Operations includes Argentina, Peru, Ecuador, Panama, Costa Rica, Honduras, Guatemala and the Dominican Republic.

Buy €230M