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[Exclusive] Private equity

Korean PEFs buy Spyder's S.Korean license for over $50 mn

Three Korean PEFs form consortium to acquire 100% of Spyder's Korean operations

By Jun 11, 2021 (Gmt+09:00)

Korean PEFs buy Spyder's S.Korean license for over  mn 
A consortium of three South Korean private equity firms has acquired the domestic operations of the US sportswear brand Spyder for 60 billion won ($54 million), with the outdoor apparel market bouncing back from the pandemic-caused slump.

The group of Woori Private Equity Asset Management Co. (Woori PE) and two other Seoul-based private equity houses is set to sign a final agreement next week to buy 100% of Spyder's South Korean license from Hong Kong-based Global Brands Group (GBG), according to investment banking sources on June 10. 

GBG manages a range of its own and licensed apparel and footwear brands.

Woori PE and Aarden Partners will ante up a combined 20 billion won to finance the acquisition, taking up the mezzanine tranche. Alpha Vista Investment is putting in another 20 billion won to provide a subordinated loan. They will raise the remaining 20 billion won in acquisition financing.

Since its entry into the South Korean market in 2015, Spyder has enjoyed steady sales growth except for last year. With 145 stores nationwide, including seven directly-run outlets, it reported an operating profit of 9.3 billion won on sales of 123.1 billion won in 2020. 

Korean PEFs buy Spyder's S.Korean license for over  mn 
Spyder, owned by New York-based Authentic Brands Group, has licensed the brand to GBG's South Korean arm.

GBG's remaining Korean businesses include outdoor apparel brand Discovery, casual wear brand Juicy Couture and sports clothing manufacturer Starter.

Kyungwoo Kim, an ex-managing director of Nomura Securities’ debt capital market team, has been leading Woori PE as CEO since 2018. Previously, Kim had worked for JPMorgan and Morgan Stanley. 

Aarden Partners and Alpha Vista are new PEFs established in 2018 and 2020, respectively.

Write to Chae-yeon Kim at why29@hankyung.com

Yeonhee Kim edited this article.

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