Lock&Lock is selling control to a private equity companyLock&Lock, a Seoul-based plastic containers maker, said it signed a contract with a private equity firm Friday to sell the company for 629.3 billion won ($558 million).
Lock&Lock’s CEO and largest shareholder Kim Jun-il and “specially related person” Kim Chang-ho signed the agreement with the Affinity Equity Partners (AEP) to sell 29 million and 5.9 million shares each at 18,000 won per stock, the company said in a regulatory filing. The combined amount comes to 63.56 percent of the total shares.
“The change in the largest shareholder will be announced once the payment and transfer of the shares are completed,” it said.
The kitchen products made by the firm, founded by Kim Jun-il in 1978, are exported to 119 countries, according to its website. Lock&Lock said the CEO will continue to take part in the management of the company through reinvestment.
“In order to better adapt to the rapidly changing global environment the CEO thought a new management system, free of influence from the founder, was necessary,” it said. YONHAP