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Chae-Yeon Kim Dec 16, 2020 (Gmt+09:00)
ENG
The Ontario Teachers Pension Plan (OTPP) has agreed to invest 300 billion won ($275 million) in South Korea’s leading fried chicken brand BHC Group, valuing the franchise at 1.8 trillion won ($1.7 billion), according to investment banking sources on Dec. 16.
The Canadian pension fund has recently signed an agreement to buy shares in a special purpose company (SPC) that owns BHC from its existing shareholders, including Asia-based Elevation PE.
The SPC was formed in 2018 by BHC Chairman Park Hyun-jong, MBK Partners’ inaugural Special Situations Fund (SSF) and Elevation PE, formerly known as Rohatyn Group (TRG), to acquire the chicken franchise for 680 billion won. Back in 2013, Elevation PE alone had acquired BHC from another Korean chicken company for about $100 million.