Corstone Asia, Q Capital Partners to sell Norang Tongdak

South Korean private equity firms (PEF) Corstone Asia and Q Capital Partners plan to sell Norang Tongdak, the Korean-style fried chicken franchise. 

According to investment banking industry sources on Friday, Corstone Asia and Q Capital Partners decided to sell 100% of their stake in Norang Tongdak and appointed Samjong KPMG as the advisor for the transaction.

The formal sales process is expected to begin early next year, with the sale price to be discussed after this year’s financial results are finalized.

The two private equity firms acquired 100% of Norang Food through a special purpose company (SPC), Norang Holdings, in 2020.

Norang Tongdak currently operates around 750 outlets nationwide. Last year, the company reported revenue of 97.2 billion won ($69.4 million) and an operating profit of 11.4 billion won.

Reports suggest that this year’s revenue has surpassed 100 billion won ($71.4 million).

Write to Jong-Kwan Park at pjk@hankyung.com