Skip to content
  • KOSPI 3043.49 -39.50 -1.28%
  • KOSDAQ 926.20 -4.60 -0.49%
  • KOSPI200 414.17 -6.10 -1.45%
  • USD/KRW 1122.9 1.60 0.14%
  • JPY100/KRW 1,049 -1.64 -0.16%
  • EUR/KRW 1,354.5 -0.82 -0.06%
  • CNH/KRW 173.63 0.36 0.21%
View Market Snapshot

Anti-droplet masks

Korea's most-repurchased mask maker up for sale

Nov 06, 2020 (Gmt+09:00)

Wellkeeps Co., a South Korean mask manufacturer, has issued an information memorandum to potential buyers including financial investors and strategic investors who may be interested in acquiring the company's management rights.

The stake up for sale is held by Park Jong-han, the chief executive officer of Wellkeeps. It has yet to be decided if it will be a 100% stake sale, but if so, the sell-side anticipates a price tag ranging between 250 billion and 300 billion won ($222 million and $267 million) based on a projected EBITDA of 50 billion won in 2021, according to the M&A industry on Nov. 5.

Wellkeeps holds the lead for mask repurchases in the e-commerce market. Last year the company posted 20.6 billion won in revenue and 2.5 billion won in operating profit, with an EBITDA of 20 billion won.

Wellkeeps 'untact mask' protects against respiratory droplets
Wellkeeps 'untact mask' protects against respiratory droplets

Wellkeeps expects to post an EBITDA of around 110 billion won this year riding on explosive demand as wearing masks has become the norm in Korean society. People without masks are restricted from most restaurants, stores and public transportation in Korea, and are generally required to wear masks indoors at work.

The sell-side expects the company's EBITDA to be around 50 billion won in 2021, about half of this year's EBITDA as the demand surge due to the coronavirus may normalize alongside new suppliers entering the market.

“The company’s attractiveness will be reviewed considering that demand for masks will not return to pre-coronavirus days, and wearing masks in enclosed areas has become common practice,” said a source from the M&A industry.

Another winning factor for Wellkeeps is that its production costs are relatively low among mask manufacturers and it boasts a wider range of distribution channels compared to industry rivals on both online and offline platforms.

Founded in 2010, Wellkeeps is a quasi-drug manufacturer that specializes in masks that offer resistance against fine dust and respiratory droplets. The company is also Korea's exclusive importer of Purell, a hand sanitizer made by US-based GOJO Industries, Inc.

Write to Ri-ahn Kim at

Danbee Lee edited this article.

Comment 0