Global private equity firm CVC Capital Partners will participate as the second-largest shareholder in Star Vision, which operates the country's top contact lens brand "Orenz." The total corporate value is estimated to be in the high 600 billion won range.
According to investment banking (IB) industry sources on the 17th, Star Vision's current second-largest shareholders PS Alliance and Pearl Investment have signed a stock purchase agreement (SPA) to sell their 49% equity stake to CVC. Control of the company remains with founder and CEO Park Sang-jin, who holds a 51% equity stake.
In this transaction, Star Vision's total corporate value was set in the high 600 billion won range. Last year's earnings before interest, taxes, depreciation, and amortization (EBITDA) reached around 60 billion won.
CEO Park Sang-jin noted, "From the beginning of this deal, we have been negotiating under the condition of maintaining a 51% equity stake, and we formed a partnership thanks to the flexible investment structure of CVC, which invests with a focus on founders."
Park also stated, "CVC is the most suitable partner for Star Vision to grow and leap in the global market, and a trustworthy investor for promoting long-term growth, which is why we chose them." He added, "Through our partnership with CVC, we plan to continuously enhance our overseas business expansion and market growth."
Previously, CEO Park sold a 51% stake in management rights to VIG Partners for 137.5 billion won in 2018, and four years later, he bought it back for 210 billion won, assessing the corporate value at around 420 billion won. PS Alliance and Pearl Investment formed a consortium to participate in the reacquisition of Star Vision. From the 51% held by VIG, the consortium bought 49%, while Park acquired an additional 2%, becoming the largest shareholder with 51%, and PS Alliance became the second-largest shareholder.
Star Vision is currently experiencing rapid growth in both domestic and international markets. In Korea, rather than merely increasing the number of franchises, it is supporting remodeling expenses for existing franchise owners, achieving sustainable growth through coexistence with them. As it has grown alongside franchises for 14 years in Korea, CEO Park stated that they will continue to strengthen their market position through comprehensive support and coexistence with franchises.
Star Vision is also maintaining a solid growth trend in overseas markets. After entering the Japanese market at the end of 2022, it quickly rose to the top of sales and is operating over 20 stores each in Hong Kong and Taiwan, totaling more than 400 stores in the Asian market.
Lee Gyu-cheol, CEO of CVC's South Korea office, stated, "CVC will provide full support for Star Vision to successfully expand in the global market." He emphasized, "By leveraging CVC's global network, market experience, and the know-how gained from partnerships with various consumer goods companies, we will help Star Vision grow into a global corporation."