CENTROID Investment Partners completed the acquisition of 87.32% stake in South Springs Co.,Ltd from BGF Co., Ltd..
March 04, 2021
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CENTROID Investment Partners signed an agreement to acquire 87.32% stake in South Springs Co.,Ltd from BGF Co., Ltd. (KOSE:A027410) for approximately KRW 150 billion on December 28, 2020. BGF Co., Ltd. will dispose 26.02 million shares in South Springs Co.,Ltd. For the year ended 2019, South Springs Co.,Ltd reported total assets of KRW 166.52 billion, total equity of KRW 125.71 billion, revenues of KRW 11.85 billion and net income of KRW 1.94 billion. The transaction is expected to complete on February 26, 2021. As of February 15, 2021, the transaction is expected to close on March 5, 2021.
CENTROID Investment Partners completed the acquisition of 87.32% stake in South Springs Co.,Ltd from BGF Co., Ltd. (KOSE:A027410) last week. The consideration also comprises a debt of KRW 22.4 billion. Jin Yeun Lee of KPMG Samjong Accounting Corp. provided due diligence to CENTROID Investment Partners.
BGF Co Ltd, formerly BGF Retail Co Ltd, is a Korea-based holding company mainly engaged in the investment business. The Company operates its business through four segments. The Investment Business segmentâs main revenues are brand usage revenue from users of the BGF brand, management support service revenue through business services, and dividend revenue and rental revenue received from subsidiaries. The Golf Course Business segment engages in the operation of golf courses. The Advertisement and Delivery Business segment engages in digital signage advertisement business, business messaging business, mobile gift certificate business and cash receipt business, and provides convenience store delivery service. The Other Business segment engages in online food sales business, worker dispatch and commissioned operation business, eco-friendly product manufacturing and processing sales business, and other plastic product manufacturing business.