Taekwang Group to Acquire Aekyung Industrial as Preferred Bidder

Taekwang Industrial, T2 PE, and Yuanta Investment Consortium Selected as Preferred Bidder

Taekwang Group is set to acquire Aekyung Industrial, the founding company of Aekyung Group.

According to industry sources on September 7, Aekyung Group has selected a consortium consisting of Taekwang Industrial, T2 Private Equity, and Yuanta Investment as the preferred bidder for the acquisition of a 63% stake in Aekyung Industrial.

Aekyung Industrial was established in April 1985 when the group separated its household goods division. The company operates in the cosmetics and household goods sectors. Last year, the company's sales reached 679.1 billion won.

Aekyung Group has been seeking to sell its stake in Aekyung Industrial to ease the group's financial burden. As of the end of last year, the total debt of the holding company, AK Holdings, stood at around 4 trillion won, with a debt ratio of 328.7%.

Taekwang Group announced in July that it would restructure its business portfolio and invest a significant portion of its funds in acquiring companies related to cosmetics, energy, and real estate development as part of its efforts to enter new markets.