Jun Ji-hye, a reporter at the finance desk of The Korea Times, focuses primarily on economic policy and government agencies, mainly covering the Ministry of Finance and Economy, the Ministry of Budget and Planning, the National Tax Service and the Korea Customs Service. She previously covered financial authorities, including the Financial Services Commission and the Financial Supervisory Service, and earlier worked on the political, city and business desks, reporting on a wide range of issues.
IMM to provide financial support to Hanwha's bid to acquire Ourhome
Ourhome headquarters in Seoul / Yonhap
By Jun Ji-hye
IMM Credit Solution, a subsidiary of the Korean private equity firm IMM Private Equity, is expected to provide financial support for Hanwha Group's plan to acquire 100 percent of the equity in the cafeteria food and ingredient supplier Ourhome.
The plan is drawing significant attention, as it is being led by Kim Dong-sun, the third son of Hanwha Group Chairman Kim Seung-youn. Dong-sun is both the vice president of Hanwha Galleria and Hanwha Hotels & Resorts.
The main entity leading the acquisition is Hanwha Hotels & Resorts.
According to the investment banking industry, Hanwha has recently secured IMM Credit Solutions as a financial investor to support its acquisition goal. Industry officials noted that the involvement of IMM effectively dispels concerns about Hanwha’s financial capacity for the acquisition.
The total value of 100 percent equity in Ourhome is estimated at around 1.5 trillion won ($1 billion).
Hanwha plans to cover 1.2 trillion won to 1.3 trillion won of this amount through its own cash reserves and acquisition financing, with the remaining 200 billion won to 300 billion won to be raised through the financial investor.
IMM is projected to secure the necessary funds through a combination of blind funds and project funds.
Hanwha’s decision to partner with IMM is widely seen as its strong determination to secure the ownership of Ourhome in line with Kim Dong-sun’s focus on the food tech business.
Once the acquisition is finalized, Hanwha Hotels & Resorts, through its affiliates Hanwha Foodtech and Hanwha Robotics, will likely pursue business collaboration with Ourhome in the food tech sector.
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Ourhome’s shares are divided among the founder’s eldest son and three daughters.
Among the siblings, the eldest son, holding 38.56 percent of the shares, and the eldest daughter, with 19.28 of the shares, are reportedly pursuing the sale of their shares, while the third daughter, holding 20.67 percent of the shares, is opposing the sale.
As a result, whether the third daughter exercises her right of first refusal is considered a key variable.
Under Ourhome’s articles of incorporation, family shareholders have the right to purchase shares under the same conditions if another sibling attempts to sell them to a third party.
But the possibility is also raised that the right of first refusal clause may be invalid from the outset, as some say it violates the Commercial Act. The concern is that the clause restricts the transfer of shares to third parties, which could be deemed incompatible with the provisions of the law.