VIG Partners, founded in 2005, has comprehensive experience and expertise in the Korean mid-market buyout sector, with successful track records across a diverse range of industries, including financial services, consumer goods, online and mobile commerce, and household appliances.
Since its inception in 2005, VIG Partners has invested approximately $3.0 billion of capital across 27 portfolio companies in Korea, with shareholding control in 24 of these companies.
The firm’s current investments include Preed Life (#1 funeral service provider), Autoplus (leading used car provider), PNC Labs (largest manufacturer of cosmetic facial mask sheets and medical masks), Youyoung (producer of fabric uppers for athletic footwear), Foodist (nationwide food wholesaler), Bonchon (global franchisor operating Korean fried chicken and fast casual dining restaurants), D.Share (leading online + offline education platform), The Skin Factory (fast-growing household and personal care company), BioEnergyFarmAsan (largest private waste-to-energy facility operator), FASSTO (fast-growing fulfillment service provider), Teazen (leading tea-based health drinks company), SMARTSCORE (#1 golf service platform company), and EastarJet (Korean low-cost carrier airline).
“VIG Partners is
the leading private equity firm in Korea
focusing on mid-market buyouts.”
VIG Partners has formulated and has been implementing a successful strategy of executing proprietary, control transactions in the Korean mid-market segment at disciplined entry multiples with well-prepared value up initiatives.
VIG Partners aims to create an exceptional return for investors by taking control in companies with strong fundamentals and actively engaging in creating value through hands on management.
VIG Partners has developed its investment strategy over the past 18 years, having been active in the Korean private equity market since its formation in 2005, and has demonstrated the ability to execute control-oriented investments with proven value creation capabilities.
“VIG Partners has formed and executed
a robust, repeatable investment strategy based on
its extensive experience in Korea”
VIG Partners’ investment philosophy is characterized by thorough “top-down” market research that allows the firm to identify industries and companies that are resilient to short-term market moves with long-term growth potential, and a hands-on approach to creating value through active involvement in managing its investments.
This investment strategy allows VIG Partners to source and execute investment opportunities in medium-sized, typically chaebol group carved-out businesses or founder-owned and operated businesses, and help these businesses achieve accelerated growth by providing capital and hands on operating support. It also allows VIG Partners to uncover “hidden jewels” - undermanaged mid-sized businesses or non-core assets in large conglomerates - and helping these companies reach their potential through focused management, proper incentivization and clear strategic objectives.
“VIG Partners aims to
invest in companies with strong fundamentals
and actively engage in their management
to create value.”
Chulmin Lee
Changhoon Shin
J. Jason Shin
Yunbak Chung
Younggi Han
Dr.Yangho Byeon
Byungmoo Park
Sunhee Ha
Bright Kim
Seungpyo Hong
Jungsoo Song
Kijung Kang
Jonghyun Bae
Dongwhan Lee
Kayun Chung
Hyungsup Ju
Michelle Shin
Joined VIG Partners in 2011, and has been working extensively in Korean private equity industry, both in the capacity of a legal advisor and as a principal, for many years. Prior to joining VIG Partners, Mr. Park served as the Country Head of Korea and Partner for TPG Asia (Newbridge Capital) from 2003, where he was responsible for a number of successful private equity investments, including those in Korea First Bank (“KFB”) and Hanaro Telecom. Mr. Park was responsible for Newbridge’s successful exit of KFB to Standard Chartered Bank and Hanaro to SK Telecom, and served as CEO of Hanaro, executing a complex turnaround and helping the company launch the first successful IPTV platform in Korea. Prior to working at Newbridge, Mr. Park founded and served as the CEO of Plenus Entertainment, which was the largest entertainment business in Korea at the time. In addition, Mr. Park had a distinguished legal career before being a principal investor and entrepreneur, having served as a Senior Partner at Kim & Chang, where he was recognized as one of the leading corporate M&A lawyers in Korea.
Mr. Park received an LLM from Harvard Law School and a Masters of Law from Seoul National University. Mr. Park graduated as a top undergraduate student from Seoul National University and has also received an MBA from Yonsei University.
Mr. Shin is a co-founding partner of VIG Partners, founded in 2005.
Mr. Shin sits on the investment committee of the Firm and is responsible for sourcing proprietary investment opportunities and overseeing execution of new investments and exits. He also acts as the primary partner in charge of several portfolio companies where he serves as the head of their management committees, in addition to serving on their boards, and leads the close monitoring of their operational and financial performances.
Mr. Shin brings extensive experience as one of Korea’s leading M&A bankers during his years at Morgan Stanley and Credit Suisse First Boston. Mr. Shin also has significant legal experience as a lawyer with Baker & McKenzie and Kim & Chang prior to becoming an investment banker in 1995. Prior to joining VIG Partners, Mr. Shin was a Managing Director and the Head of Morgan Stanley’s Korea investment banking group and is credited with the execution of many of Korea’s landmark M&A transactions, which totalled over $12 billion, including the sale of Chohung Bank to Shinhan Financial Group, the sale of Korea Exchange Bank to Lone Star, the sales of Korea and Daehan Investment Trust Companies, the sale of Tong Yang Cement to Lafarge Group, the acquisition of Seoul Bank by Hana Bank, the acquisition of Daewoo Heavy Machinery by Doosan Group, the acquisition of Hyundai Investment Trust Company by Prudential Financial, and the acquisition of Internet Auction by eBay Inc.
Mr. Shin earned a JD from the University of California, Berkeley Law School and holds a BA with honors from Northwestern University.
Founding member of VIG Partners, where he joined in 2005. Mr. Lee worked as a Senior Project Leader at the Boston Consulting Group (BCG), where he was involved in a multitude of post-merger integration, operational improvement, strategy development, commercial due diligence, and corporate restructuring projects. Mr. Lee managed most of BCG's M&A and post-merger integration initiatives in Korea, including the notable acquisition of Daewoo Heavy Machinery by Doosan Group. Furthermore, he led various projects focused on international strategic investments and cross-border post-merger integrations for both Chaebol and multinational companies. Prior to working at BCG, Mr. Lee worked at two prominent IT services and platform firms as an engineer and service planner. His professional experience has granted him expertise in a diverse array of industries, including industrial goods, financial services, consumer electronics, and telecommunications.
Mr. Lee holds an MBA from the Fuqua School of Business at Duke University, and graduated with a BS in Computer Science and Statistics from Seoul National University.
Yangho Byeon is one of the founders of Vogo, the predecessor of VIG Partners. Prior to co-founding Vogo in 2005, Mr. Byeon spent his entire career with Korea’s Ministry of Finance and Economy, where he played a key role in significant landmark restructuring projects, including engineering the restructuring of Korea’s sovereign debt as well as Korea’s corporate and financial sectors following the Asian financial crisis and the successful privatization of several of Korea’s largest commercial banks. Mr. Byeon’s last position was the Deputy Minister of the Ministry of Economy and Finance. In 2001, Mr. Byeon was recognized by the Wall Street Journal as one of the “15 Most Influential People in the World Economy.”
Mr. Byeon received his PhD in Economics from Northern Illinois University and his BA in Economics from Seoul National University.
Founding member of VIG Partners, where he joined in 2005, Mr.
Shin was at BCG where he focused on investment opportunity
evaluation projects in various industries, and also gained
considerable experience in M&A transactions through numerous due
diligence projects.
Mr. Shin also has experience in
fundraising, business plan development and implementation from
his two-year experience at SynerNet, an enterprise solution
development start-up.
Mr. Shin received his BA in Business Administration from Seoul National University.
Yunbak Chung is a Partner at VIG Partners. Prior to joining VIG Partners in 2020, Mr. Chung worked as a senior attorney at Kim & Chang, where he has been a member of its M&A and PEF team since 2009. Mr. Chung has extensive experience in outbound and inbound investments as well as complex mergers & acquisitions transactions, having been recognized as a leading lawyer in the Korean M&A and PEF industry.
Mr. Chung holds a BS and Master of Law from Seoul National University.
Sunhee Ha is a Senior Executive Director and the Chief Financial Officer at VIG Partners. Prior to joining the Firm in 2014, Ms. Ha was CFO at Woori Private Equity in Seoul. Prior to Woori Private Equity, Ms. Ha worked as a Certified Public Accountant at Samil PWC in Seoul.
Ms. Ha received a BA in Business Administration from Yonsei University.
Younggi Han is a Partner at VIG Partners. Mr. Han worked as an Associate at Credit Suisse’s Investment Banking Division, where he focused on the financial services and consumer retail industries. Mr. Han has extensive experience in mergers & acquisitions, capital markets transactions, and deal execution, including financial modeling and due diligence.
Mr. Han holds a BA in Business Administration from Seoul National University.
Kijung Kang is a Principal at VIG Partners. Prior to joining VIG Partners in 2014, Mr. Kang worked as part of the Investment Banking Division at Merrill Lynch where he was responsible for M&A execution and equity market transactions.
Mr. Kang holds a BA in French Literature from Seoul National University.
Bright Kim is a Principal at VIG Partners. Prior to joining VIG Partners in 2016, Mr. Kim worked as an analyst at Barclays Investment Banking Division, where he was responsible for M&A and capital markets transactions.
Mr. Kim holds a BS in Finance and Business Economics from New York University Leonard N. Stern School of Business.
Jonghyun Bae is a Principal at VIG Partners. Prior to joining VIG Partners in 2016, Mr. Bae worked as an analyst at Bank of America Merrill Lynch’s Investment Banking Division, where he was responsible for M&A and capital markets transactions.
Mr. Bae holds a BA in Economics and International Comparative Studies from Duke University.
Hyungsup Ju is a Vice President at VIG Partners. Prior to joining VIG Partners in 2018, Mr. Ju worked as a consultant in Bain & Company, where he focused on investment opportunity evaluation projects and post-merger integration projects.
Mr. Ju holds a BA in Business Administration from Korea University.
Dongwhan Lee is an Associate at VIG Partners. Prior to joining VIG Partners in 2020, Mr. Lee worked as a consultant at Bain & Company, where he was responsible for developing turnaround strategies and evaluating investment opportunities.
Mr. Lee holds a BS in Industrial Engineering & Operations Research from Columbia University.
Seungpyo Hong is an Associate at VIG Partners. Prior to joining VIG Partners in 2020, Mr. Hong worked as an analyst at Citigroup Global Markets’ Investment Banking Division, where he was responsible for M&A and capital markets transactions.
Mr. Hong holds a BA in Business Administration from Korea University.
Kayun Chung is an Executive Director at VIG Partners. Prior to joining VIG Partners in 2017, Ms. Chung worked as a Certified Public Accountant at Deloitte Anjin in Seoul.
Ms. Chung holds MS in Accounting and Finance from London School of Economics and Political Science, and graduated with a BS in Business Administration from Korea University
Michelle Shin is an Associate at VIG Partners. Prior to joining VIG Partners in 2021, Ms. Shin worked as an analyst at Macquarie Infrastructure and Real Assets (New York), where she was responsible for private equity investments.
Ms. Shin holds a BS in Finance and Business Economics from New York University Leonard N. Stern School of Business.
Jungsoo Song is an Associate at VIG Partners. Prior to joining VIG Partners in 2022, Mr. Song worked as an analyst at Credit Suisse's Investment Banking Division, where he was responsible for M&A and capital markets transactions.
Mr. Song holds a BA in Business Administration from Seoul National University.
Preed Life is the merged entity of Joun Life, a Fund III portfolio company, and Preed Life, a Fund IV portfolio company.
Established in 2005, Joun Life is a leading funeral service (“Sangjo”) provider, which offers both at-need and pre-need Sangjo products.
In June 2020, Joun Life acquired Preed Life, the No.1 funeral service provider in Korea. In January 2021, Preed Life has become the surviving entity after the completion of a reverse merger.
Established in 2000, Autoplus is a leading used car retailer and auto-service provider. Autoplus is also the only company in Korea that sells certified pre-owned (“CPO”) cars for domestic automobile brands.
Established in 2005, PNC Labs is the nation’s largest manufacturer of facial masks that are primarily used for skincare purpose.
Youyoung manufactures fabric upper materials for athletic footwear and supplies its products to global athletic brands such as Nike and Adidas.
Established in 2005, Winplus is a leading nationwide food wholesaler in Korea. Winplus operates directly-owned stores and distributes proprietary brand products to thousands of restaurants and grocery retailers nationwide.
In February 2020, Winplus acquired Foodist, the food wholesale and catering division spun out from Hanwha Group. In January 2021, Foodist has become the surviving entity after the completion of a reverse merger.
Established in 2012, Star Vision is a leading contact lens retailer in Korea. Star Vision possesses its own brand of “O-Lens” contact lenses which are sold in its nationwide franchise stores. In 2014, Star Vision also launched its own Scandinavian-design fashion sunglasses brand “CARIN.”
VIG Partners sold its controlling stake to a consortium of PS Alliance, a leading private equity firm in Korea, and Starvision's founder in June 2022.
Established in 2006, Bonchon is a global franchisor operating casual & fast-casual dining restaurants specializing in Korean-style fried chicken and other Asian fusion dishes.
BKR is the exclusive operator of the Burger King franchise in Korea, which is one of the leading nationwide burger quick service restaurant franchises in Korea. The Company also has Food Ingredient business, which is a B2B redistribution business of various imported food ingredients.
VIG Partners sold its controlling stake to Affinity Equity Partners, a leading private equity firm in Asia, in April 2016.
Established in 1976, Samyang Optics is one of only six companies globally that manufacture a complete lineup of interchangeable lenses for DSLR and mirrorless cameras and occupies a profitable niche among the serious photographers and videographers as the high performance manual focus lens alternative to higher priced auto-focus lenses
After selling 40% stake through an IPO in June 2017, VIG Partners sold its controlling stake to LK Investment Partners, a leading private equity firm in Korea, in August 2019.
Summerce Platform is an online price comparison service provider for online and mobile shopping customers in Korea, which currently is the #2 player in the Korean market. During VIG’s investment, Summerce Platform invested in four subsidiaries including Xgolf – online golf reservation service, SweetTracker - mobile parcel tracking service, ShallWeAd - mobile advertising platform, and ShipGet - overseas direct purchase service.
In July 2018, VIG Partners sold its controlling stake to Korea Center, a leading domestic online shopping application provider.
M Corset is the leading innovator within the Korean innerwear industry with a portfolio of licensed and proprietary brands including Wonderbra, Playtex, Lefee and Missing Dorothy.
VIG Partners sold its stake to the original shareholder of the Company in January 2018.
Bodyfriend is the dominant player in the Korean massage chair industry with the preeminent brand in the industry supported by unrivalled marketing and advertisement spending. Bodyfriend also launched premium latex mattress and non-electric water purifiers to drive additional growth.
VIG Partners sold its controlling stake to Stonebridge Capital, a leading private equity firm in Korea, consortium in July 2022.
Established in 1994, Winche is the only PVC window and sliding glass door manufacturer in Korea that has full in-house capabilities from window profile production to window fitting.
Hi Parking is a leading parking facility management company, which has been newly established through a spin-off of parking business from Hi Inno Service.
VIG Partners sold its controlling stake to Plat, a subsidiary of Humax, a leading smart home and automotive infotainment solutions provider, in October 2019.
Established in 1999, Tong Yang Life is Korea’s leading mid-sized life insurer with one of the highest profitability and growth rates in the industry. Tong Yang Life has particular competitive strength in children’s insurance and bancassurance. On the basis of robust historical results, the Company became the first life insurer to go public in Korea in October 2009.
VIG Partners sold its controlling stake to Anbang Insurance, one of China’s leading insurers, in September 2015.
Novita is a leading Korean small household appliance manufacturer. Novita holds the second largest market share in the Korean electronic bidet market, and it also exports bidet to Japan, China, and Taiwan. In addition, Novita also manufactures humidifiers for both domestic and export markets.
VIG Partners sold its controlling stake to Kohler in December 2011.
Iriver is a Korea-based digital multimedia device manufacturer. Iriver is a market leader in HiFi portable audio devices, which began production in 2013. Iriver also provides HiFi audio content.
VIG Partners sold its controlling stake to SK Telecom in August 2014.
Siltron is a manufacturer of silicon wafer mainly used for semiconductors. Siltron, a major supplier to both Samsung Electronics and Hynix, is the only silicon wafer manufacturer based in Korea, and is one of the five major global wafer manufacturers.
BC Card is the most recognized credit card brand in Korea, and is also the largest domestic credit card merchant network manager and payment services company. The Company provides an end-to-end credit card business processing platform that encompasses card issuance, authorization, billing, merchant management, brand management, product development and marketing to its various domestic financial institution customers.
VIG Partners sold its controlling stake to Korea Telecom in January 2012.
The Eagle Ford fund is an investment in the U.S shale oil and gas development. It has invested in Anadarko’s Eagle Ford acreage by forming a joint venture with Korea National Oil Corporation (KNOC).
This is the first investment in which Korean institutional investors invested in a overseas oil and gas development project along with KNOC.
Established in 1999, Tong Yang Life is Korea’s leading mid-sized life insurer with one of the highest profitability and growth rates in the industry. After acquiring a strategic minority stake in 2006, VIG Partners exercised its contractual pre-emptive right and acquired the controlling stake through this project fund in 2011.
VIG Partners sold its controlling stake to Anbang Insurance, one of China’s leading insurers, in September 2015.
Established in 2011, D.Share is a leading online + offline education platform, which offers English education service to middle + high school students nationwide through its carefully-tailored online courses and its 1:1 management tutors in nationwide offline branches.
Preed Life is the merged entity of Joun Life, a Fund III portfolio company, and Preed Life, a Fund IV portfolio company.
Established in 2005, Joun Life is a leading funeral service (“Sangjo”) provider, which offers both at-need and pre-need Sangjo products.
In June 2020, Joun Life acquired Preed Life, the No.1 funeral service provider in Korea. In January 2021, Preed Life has become the surviving entity after the completion of a reverse merger.
Established in 2016, Kundal is an emerging local household and personal care company that sells hair and body care products through e-commerce platforms. Kundal has expanded its product offerings to various categories ranging from body care, fabric softeners to diffusers.
Established in 2012, BioEnergyFarmAsan is capable of processing liquidized food waste and livestock waste and converting them into electricity, biodegradable gas, and liquid and solid fertilizers. BioEnergyFarmAsan is based in Asan city of Chungcheongnam province and currently has the largest processing capacity in Korea among the private operators.
Established in 2018, FASSTO is a fast-growing fulfillment service provider that offers fulfillment service to small and mid-sized enterprises and warehouse management service to existing local logistics centers.
Established in 2000, Teazen is a leading tea-based health drinks company that offers not only traditional tea ingredients such as pu'er tea, green tea, and black tea, but also various tea-based functional beverage such as kombucha, organic barley sprout powder, and grapefruit green tea. In particular, Teazen has a dominant market position in the Korean kombucha industry on the back of the success in commercializing the powder-type kombucha products utilizing freeze drying technology in 2019 for the first time in the world.
Established in 2015, SMARTSCORE operates Korea’s No.1 golf service platform along with the widest coverage of partnered golf courses and the highest number of active user base nationwide on the back of in-house developed monitoring solution for golf courses and score management service for golfers.
Established in 2007, EastarJet received the best LCC airline award from the Korean Standard Service Quality Index (KSSQI), and since then, EastarJet has grown to become a trusted low-cost carrier in Korea, with accumulated passengers of over 10 million in 2014. EastarJet flew its first aircraft in January 2009 starting with Gimpo-Jeju route and entered the international flight market in December 2009.
BKR
Samyang Optics
Summerce Platform
M Corset
Bodyfriend
Winche
Hi Parking
Eagle Ford JV
Tong Yang Life Insurance
