Gold­man Sachs bets $30 mil. on bak­ery in­gre­di­ents maker

The Korea Times - - BUSINESS - By Nam Hyun-woo

Gold­man Sachs in­vested 34 bil­lion won ($30 million) into Sun-in, a spe­cialty bak­ery in­gre­di­ents man­u­fac­turer, adding another medi­um­sized but strong Korean com­pany to its port­fo­lio.

Ac­cord­ing to the global in­vest­ment bank, Wed­nes­day, Sun-in will use the funds to en­hance its man­u­fac­tur­ing and dis­tri­bu­tion fa­cil­i­ties as well as in­vest­ing in its cus­tomer ser­vice tech­nol­ogy.

In re­turn for the in­vest­ment, Gold­man Sachs se­cured a 20 per­cent stake in the com­pany, while Sun-in CEO and founder Hugo Lee will re­main the largest stake­holder.

Founded in 1987, Sun-in is a busi­ness bell­wether of Korea. The com­pany op­er­ates cold chain lo­gis­tics busi­nesses from pro­duc­tion and im­port to stor­age and dis­tri­bu­tion.

Last year, the com­pany posted 84.1 bil­lion won in sales and 12.9 bil­lion won in op­er­at­ing profit. For the past 10 years, its an­nual sales have grown an av­er­age of 16 per­cent.

Cur­rently, Sun-in im­ports pro­cesses and pro­duces more than 1,000 prod­ucts which are sup­plied to up­wards of 2,000 cus­tomers through­out Korea, in­clud­ing ma­jor bak­eries, cafes, restau­rants, con­fec­tionary mak­ers, whole­salers and fast food franchises.

“This in­vest­ment will fur­ther strengthen our lead­er­ship po­si­tion in the mar­ket­place and in­tro­duce new defin­ing prod­ucts to the mar­ket, as well as in­no­vate through the use of tech­nol­ogy to fur­ther cater to the needs of our clients,” Lee said.

“We look forward to lever­ag­ing Gold­man Sachs’ ex­pe­ri­ence and net­work in the global food in­dus­try to fur­ther en­hance our op­er­a­tions and grow our com­pany to the next level.”

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