Private equity fund (PEF) management company JKL Partners has gained the upper hand in acquiring the London Bagel Museum.
According to investment banking (IB) industry sources on the 26th, JKL Partners has been selected as the final candidate for acquiring management rights of London Bagel Museum's operator, LBM. They are currently in final negotiations before signing the stock purchase agreement (SPA).
LBM selected Bank of America (BofA) as the lead manager for the sale of management rights last year and has been looking for potential buyers. They proposed a sale price of 300 billion won, but a purchase price of around 200 billion won is expected to be confirmed.
Initially, the newly established PEF management company Ineos PE had an advantage in negotiations by offering a price around 300 billion won, but it has been determined that they fell behind JKL Partners due to their inability to prove funding capabilities.
JKL Partners is assessed to have ample financial capacity as it is on the verge of forming a 600 billion won size blind fund. They have secured major institutions such as the National Pension Service and the Korea Development Bank as investors.
Meanwhile, the London Bagel Museum, which started with its first location at Anguk Station in September 2021, has gained popularity with its chewy bagels and various flavors, now operating six stores. Last year, it recorded an operating profit of approximately 26 billion won before amortization.