Jeju Beer Acquires Stake in 'AgeGF'... "Full-Scale Entry into Frozen Gimbap Business"

Jeju Beer announced on the 16th that it will acquire a 17.39% stake in 'AgeGF,' which is 100% owned by 'Olgot,' the global number one frozen gimbap company, by investing approximately 8 billion KRW.

After completing the 8 billion KRW investment, an additional investment of about 7 billion KRW will also be made. Through this, Jeju Beer will officially enter the rapidly growing frozen gimbap market.

Olgot is currently the largest frozen gimbap company globally. As of May 2024, its daily production reaches 80,000 units, making it a leader in 'K-Food.' Olgot is already supplying frozen gimbap to the major US supermarket 'Trader Joe's.' Contracts for entry into H-Mart and Costco have also been finalized. The global order volume is expected to reach approximately 90 billion KRW annually as of 2024.

In response to the worldwide surge in orders, Olgot is expanding its second factory. Once the second factory expansion is completed, the current daily production of 80,000 units is expected to increase about fivefold to 400,000 units. This is why the recent equity investment by Jeju Beer was essential for Olgot.

Following the equity acquisition agreement, personnel from Jeju Beer will also join the board of directors of 'AgeGF.' Through this, Jeju Beer will officially enter the frozen gimbap business, the protagonist of the global 'K-Food' craze.