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https://en.infomaxai.com/news/articleView.html?idxno=99425
JoongAng Group moves to sell its Phoenix leisure business to Hanwha Group to address mounting losses, while Hanwha seeks to boost synergies with its recent Ourhome acquisition by expanding its resort portfolio.
Ourhome, led by Hanwha’s Kim Dong-sun, completed its first major M&A by acquiring Shinsegae Food’s foodservice unit, expanding its F&B business by 30% and targeting 5 trillion won in sales by 2030.
Ourhome Co.'s acquisition of Shinsegae Food's catering business is expected to have a limited impact on its credit rating, according to Korea Investors Service, citing manageable financial leverage and strong cash flow.
Ourhome Co., an affiliate of Hanwha Group, will acquire Shinsegae Food’s catering business for 120 billion won ($88 million), expanding its presence in South Korea’s institutional meal service market as Shinsegae Food refocuses on core businesses.
Ourhome Co. reported a 66% year-on-year increase in first-half sales and a 230% surge in new members on its direct-to-consumer platform, driven by strong demand for its Onthego ready-meal brand and aggressive marketing campaigns.