Carlyle Group said on Friday an affiliate had agreed to acquire South Korean coffee and cake chain A Twosome Place Co Ltd from private equity fund Anchor Equity Partners.
A Carlyle spokesperson declined to comment on price.
A special investment vehicle in which Anchor was a participant had a 73.89% stake in Twosome as of end-2020, after having bought an additional 45% stake in 2019 for 202.5 billion won ($171.27 million) from CJ Foodville Co Ltd, according to company filings.
A Twosome Place was established in 2002 and currently operates over 1,400 stores, Carlyle said in a statement.
Carlyle intends to work with management to “build upon the strong franchise network and capture the significant white space in the Korean market,” said John Kim, Managing Director at Carlyle.
Source: Reuters.com