Wednesday, August 27th, 2014
SEOUL, KOREA - An investment arm of Hanwha Group is pushing forward with a plan to increase its stake in Happy Call Co. Ltd., a kitchenware maker. According to investment banking sources on August 25, Happy Call is currently negotiating with the Hanwha Investment-N'Beyond consortium for the terms of the deal. The company is trying to sell off a 30-percent stake at 60 billion won.
In addition to the Hanwha Investment-N'Beyond consortium, other bidders such as the H&Q-Joshua Tree consortium are in the race. Originally the H&Q-Joshua Tree consortium was the first bidder to the deal. After it asked for the management control in Happy Call, the frying pan maker began leaning toward the Hanwha Investment-N'Beyond consortium as the latter proposed investment in a minor stake.
Established in 1999, Happy Call changed the market landscape by launching the double-sided pan that was supplied mostly by import brands such as Tepal of France and Whistler of Germany. Last year's sales revenue was 126.9 billion won, with operating profit at 21.1 billion won. As many as 94.18 percent of the shares are owned by specially related persons of the company's president Lee Hyun-sam.