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(Photo = Homeplus) |
[Alpha Biz= Reporter Kim Jisun] MBK Partners, the private equity firm and parent company of Homeplus, has initiated the process to sell Homeplus Express, the supermarket chain's SSM (Super Supermarket) business division.
According to the financial investment industry on the 3rd, MBK Partners has recently appointed Morgan Stanley as the lead manager for the sale and has commenced the process for Homeplus Express. Morgan Stanley is expected to reach out to about ten potential buyers, including domestic and international retail companies and e-commerce platforms, within this month.
Homeplus Express reported a revenue of 1.2 trillion won last year, with an EBITDA margin of 8%. The "quick commerce" or immediate delivery service introduced three years ago has shown a significant annual growth rate of 84% over the past two years. The average transaction value per customer is in the mid-40,000 won range. Homeplus launched its quick commerce service in February 2021, becoming one of the fastest in the industry to implement this business model.
As of May this year, Homeplus has 413 stores nationwide, having opened its first store in Junggye, Nowon-gu, Seoul in June 2004. There are 235 stores in Seoul and the metropolitan area, making Homeplus Express the brand with the largest number of stores in this region among SSM brands.
The proceeds from the sale of Homeplus Express are expected to be fully utilized to expand Homeplus Mega Food Market, enhance online delivery infrastructure and services, invest in strengthening competitiveness, and repay debts.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
