M&A Deal Summary

Stonebridge Capital Acquires Bodyfriend

On July 28, 2022, private equity firm Stonebridge Capital acquired furniture company Bodyfriend from VIG Partners for 417.0B KRW

Acquisition Highlights
  • This is Stonebridge Capital’s 1st transaction in the Furniture sector.
  • This is Stonebridge Capital’s largest (disclosed) transaction.
  • This is Stonebridge Capital’s 8th transaction in South Korea.

M&A Deal Summary
Date 2022-07-28
Target Bodyfriend
Sector Furniture
Buyer(s) Stonebridge Capital
Sellers(s) VIG Partners
Deal Type Secondary Buyout
Deal Value 417.0B KRW

Target

Bodyfriend

Seoul, South Korea
Bodyfriend is the dominant player in the Korean massage chair industry with the preeminent brand in the industry supported by unrivalled marketing and advertisement spending. Bodyfriend also launched premium latex mattress and non-electric water purifiers to drive additional growth. Bodyfriend is based in Seoul, South Korea.

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Buyer(S) 1

Buyer

Stonebridge Capital

Seoul, South Korea

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Stonebridge Capital is a Korean private equity and venture capital firm focused on investing in growth businesses at all company stages. Stonebridge looks for businesses that have the potential to be market leaders. Sectors of interest include consumer goods, value-added manufacturing, media/entertainment, healthcare, financial services, business services, real estate, and oil/gas exploration. The Firm generally targets businesses operating in Korea, China, and Japan. Stonebridge Capital was formed in 2008 and is based in Seoul.

DEAL STATS #
Overall 9 of 9
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (South Korea) 8 of 8
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 Green Cross Biotherapeutics

Montreal, Quebec, Canada

Green Cross Biotherapeutics, Inc. specializes in the development and manufacture of plasma derivatives, preventive vaccines, recombinant proteins and therapeutic antibodies.

Buy -

Seller(S) 1

SELLER

VIG Partners

Seoul, South Korea

Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Vogo Investment is a Korean buyout fund focused on control and significant minority equity investments in a broad range of Korean companies. The Firm generally targets transactions requiring equity of $50 to $300 million and works closely with management to streamline operations and locate growth opportunities. Broad areas of interest include consumer products, financial services, electronics, mobile commerce, and insurance. VIG Partners was formerly known as Vogo Investment Group. VIG was formed in 2005 and is based in Seoul.

DEAL STATS #
Overall 8 of 8
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 2 of 2
Country (South Korea) 8 of 8
Year (2022) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Star Vision

Seoul, South Korea

Star Vision is a contact lens retailer in Korea. Star Vision possesses its own brand of “O-Lens” contact lenses which are sold in more than 280 nationwide franchise stores. In 2014, Star Vision also launched its own Scandinavian-design fashion sunglasses brand "CARIN." Star Vision was founded in 2012 and is based in Seoul, South Korea.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-06 Eastar Jet

Seoul, South Korea

Eastar Jet is a low-cost airline that operates services to regional destinations such as Cheongju(RKTU) and Gunsan(RKJK). Its main base is Gimpo International Airport, with a hub at Jeju International Airport, Seoul. Eastar Jet was founded in 2007 and is based in Seoul, South Korea.

Buy ₩35.0B
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