SK Energy acquires logistics platform Goodsflow

South Korea's SK Energy will buy all shares of Goodsflow, a Seoul-based provider of logistics platform services, to enter the urban logistics center sector.

Investment banking sources on Thursday said SK Energy recently signed a stock purchase deal to buy 44% of Goodsflow, including the stake of the latter's largest shareholder, company co-CEO Jung Tae-jin, for a reported 25 billion to 30 billion won ($19.5 million-$23.4 million). SK Energy will also acquire the remaining 15% stake owned by Hanyu Energy and Samhwa Oil.

In 2020, SK Energy acquired a 41% stake in the shared delivery platform Zumba which it invested in by merging with Goodsflow, becoming the latter's No. 2 shareholder. The merged entity was later taken over by Goodsflow's management, but SK Energy decided to buy Goodsflow after confirming its growth.

Goodsflow provides information and communications technology services such as shipping information solutions, fulfillment and last-mile delivery. Founded in 1999 by Jung, who worked at the international business department of CJ Logistics, the company allows sellers to easily send, monitor and manage dispatch of items.

Last year, Goodsflow raked in sales of around 22 billion won and operating profit of 1.8 billion won.

SK Energy acquired Goodsflow to greatly develop its urban logistics center business. Starting in October with a gas station in Seoul's southern Yangjae-dong neighborhood, SK Energy is converting gas stations in major bases into urban logistics centers that handle the entire process of packaging, delivery and returns.

In March last year, it started through Goodsflow and collaboration with Naver and Hanjin Transportation a "better delivery" service that cuts shipping costs for small businesses.

The investment and acquisition decision on Goodsflow was led by SK Energy's Platform and Marketing Company in Company, an in-house entity whose goal is to transform the parent company from an oil seller to an eco-friendly platform.

Starting with Goodsflow, SK Energy will promote new ventures in mobility, logistics and energy solutions through more M&As. Over the mid- to long term, it is mulling logistical innovation like automated operations and unmanned delivery using artificial intelligence and robotics.

Write to Jun-Ho Cha at chacha@hankyung.com