April 26, 2024

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[THE INVESTOR] Hong Kong-based global private equity firm Anchor Equity Partners may invest in The Farmers, operator of popular grocery delivery service Market Kurly, according to news reports on April 19.

The PEF is reportedly discussing with The Farmers to make the investment ahead of its potential initial public offering, scheduled for the first half of 2019. According to sources, Anchor Equity Partners is planning to fund around 20 billion won (US$18.75 million) to 30 billion won and is hoping to receive 40 percent stake in return. 

Industry sources also added that many other PEFs have shown interest in making similar investments.

Market Kurly offers a wide range of groceries for delivery by 7 a.m., as long as the orders are placed before 11 p.m. the previous day. The firm’s sales are estimated to have reached more than 53 billion won in 2017, up almost threefold from 17.3 billion won in 2016. It also announced that its monthly sales reached over 10 billion won in March.

Since it was established in 2015, The Farmers received a total of 26 billion won funding from investors including SEMA Translink Investment, UTC Investment and LB Investment.

By Song Seung-hyun (ssh@heraldcorp.com)