This article was published on March 28, 2025, at 2:43 p.m. on the ChosunBiz MoneyMove site.
All three of the country's top local whiskey (products imported from overseas and distributed domestically) corporations have been put up for sale.
According to investment banking (IB) sources on the 28th, the country's leading local whiskey corporation Golden Blue, followed by Windsor Global and Drinks International (the operating company of Imperial), are confirmed to be pushing for the sale of their management equity. All three companies have been in contact with potential buyers since last year to sell their management rights.
Golden Blue, Windsor, and Imperial have maintained a 'three strong structure' in the domestic local whiskey market for a long time. Golden Blue holds about 60% of the overall market, Windsor accounts for 30%, while Imperial and other brands share the remaining 10%. All three companies have not disclosed their sales figures, so exact market shares have not been confirmed.
Golden Blue is reportedly expecting a corporate value of about 300 billion to 350 billion won. The sale target is the complete management equity of 81.65% held by the owner family. Park Dong-young, the eldest daughter of Chairman Park Yong-soo, and the second daughter, CEO Park So-young, each hold 22.4%, while Chairman Park and his spouse, Kim Hye-ja, hold 18.41% and 18.45%, respectively. It is said that the owner family has a strong willingness to sell their shares.
In the case of Golden Blue, it was originally seeking a corporate value of 600 billion won but has reportedly lowered its expectations to about 400 billion won. Since Windsor Global, which occupies 30% of the market, was sold for 200 billion won, it follows that Golden Blue, with double that market share, could be valued at over 400 billion won.
An IB industry insider noted, "Since last year, teaser letters containing specific hope amounts and corporate values have been circulating behind the scenes," adding, "They said they would provide additional materials if a non-disclosure agreement (NDA) was signed, but the corporate value of 300 billion won is too high, and I understand no interested parties have emerged."
Windsor Global is reported to want about 230 billion won in corporate value. When Pine Tree Investment & Management acquired management rights from Diageo early last year, it added a premium of 30 billion won to the price of 200 billion won.
According to industry sources, of the 200 billion won acquisition fee at that time, 54 billion won came from Windsor Global, while the remaining amount was financed through Woori Bank. Pine Tree Investment & Management contributed 50 billion won, but only 10 billion won of that amount was converted to equity. The remaining 40 billion won is still held in the fund.
In the case of Drinks International, which owns the Imperial brand, it is reported they are expecting about 80 billion won in corporate value. The sale target is 100% of the equity held by Chairman Kim Il-joo.
Drinks International holds the distribution rights for the Imperial brand in Korea, but the ownership of the brand lies with the French company Pernod Ricard, which plans to buy it for 60 billion won to raise corporate value and then sell the company for 80 billion won. Chairman Kim is reportedly in the process of raising funds to acquire the Imperial brand but is experiencing difficulties due to valuation differences between Drinks International and investors.
Meanwhile, a representative from Golden Blue stated, "The sale of management rights is unfounded," denying that any sale has been pursued.