OrchestraPE Acquires Native Pizza Franchise 'Banollim Pizza Shop'

[Asia Economy Reporter Lim Jeong-su] Orchestra Advisors Korea (Orchestra PE), a private equity firm that successfully sold Majesty Golf in the first half of this year, has acquired Banolim Foods, which operates the native pizza franchise ‘Banolim Pizza Shop’.

According to the investment banking (IB) industry on the 3rd, Beethoven Advisors Korea Ltd. recently acquired 88.3% of Banolim Foods shares and 100% of Banolim Foods Seoul shares held by the major shareholder and CEO Yoon Sung-won. The acquisition price is reported to be around 100 billion KRW. An Orchestra PE official stated, "Since the deal is not yet fully completed, it is difficult to disclose the exact acquisition price."

Beethoven Advisors Korea is a special purpose acquisition company established by Orchestra PE to acquire Banolim Foods. The acquisition funds utilized Orchestra PE’s project fund ‘OPE IV Fund’ contributions and borrowings. Beethoven Advisors Korea raised fund contributions from institutional investors and secured acquisition financing in the form of a 3-year maturity loan, with Yuanta Securities and others acting as lead arrangers.

Banolim Foods is a food company operating the pizza franchise Banolim Pizza Shop. CEO Yoon Sung-won started with a pizza store in the Daegu region and established Banolim Foods, a food factory, and Banolim Foods Seoul, which manages the franchise business, expanding the franchise nationwide. Currently, the number of franchise stores nationwide is known to be about 300. An IB industry insider predicted, "It is expected that they will pursue share resale or an initial public offering (IPO) by expanding franchise stores domestically and internationally."

An Orchestra PE official said, "We plan to form a strategic partnership with CEO Yoon to expand domestic and international franchise stores and maximize profitability through various strategic management techniques."