Fresh food dawn delivery specialist OA Market (OA) agrees to acquire TMON. With approximately 2 million members, OA has established a foundation to leap to a comprehensive e-commerce platform by securing 4 to 5 million TMON members and seller infrastructure.
On the 23rd, the Seoul Rehabilitation Court announced that it approved TMON's rehabilitation plan at the request of TMON's administrators, reviewing the compulsory approval of the rehabilitation plan. Accordingly, OA is expected to acquire TMON after completing the remaining procedures.
TMON failed to obtain court approval from commerce creditors (small business owners and consumers) at a previous creditor meeting, resulting in the rejection of its rehabilitation plan. However, TMON's administrators requested compulsory approval by proposing protective clauses under Article 244 of the Debtor Rehabilitation Act, and the court accepted this.
The Seoul Rehabilitation Court stated that the approval was based on the ▲ assurance of liquidation value ▲ consent from more than half (59.47%) of rehabilitation creditors ▲ the feasibility of implementing the plan ▲ and employment retention effects. It added that considering the interests of all secured and rehabilitation creditors, as well as the job security of workers, the approval of the rehabilitation plan is valid.
According to the rehabilitation plan, OA plans to invest 11.6 billion won to acquire TMON, with approximately 10.2 billion won being used for debt repayment after excluding commissions. Additionally, OA will invest 6.5 billion won for delayed salaries and severance pay. The acquisition will be fully funded by cash held by the company. As of the end of last year, OA had cash-like assets of 149 billion won and a liability ratio of about 42%.
OA has gained a foundation to expand its distribution network and customer base through the acquisition of TMON. OA is an organic food sales company established in 2011. Based on a producer network built through offline stores, it launched the online platform 'OA Market' in 2018, expanding its business scope to include fresh food dawn delivery.
As of March this year, the number of OA members is around 2 million, which is still considered low in terms of recognition domestically. In contrast, TMON, which has expanded its business in the form of an open market, has an active user count of 4 to 5 million, more than twice that of OA Market. From OA's perspective, this means securing up to 7 million potential members after the acquisition.
In addition, this acquisition allows OA to secure the network of tens of thousands of sellers who were on the TMON platform. Industry experts evaluate that this acquisition of TMON will enable OA to increase its sales channels and distribution network, providing a foundation to expand beyond fresh foods into a comprehensive distribution platform.
OA is currently utilizing over 50 offline stores nationwide as delivery hubs and is working to expand dawn delivery on a national level through the acquisition of additional logistics centers. OA believes it can maximize delivery efficiency and minimize expenses by utilizing this logistics network for TMON's extensive customer orders.
Some concerns have been raised that the credibility of the TMON platform could be damaged following the unsettled financial situation, resulting in sellers leaving. In response, OA noted, "When resuming operations, we will apply the industry's lowest commission rates (3-5%) for affected sellers and implement a system where sales proceeds are settled the next day."
There are also observations that this acquisition of TMON could serve as a springboard for OA's IPO (Initial Public Offering) reattempt. Previously, OA attempted an IPO in 2023 but abandoned it midway after failing to achieve the corporate value it aimed for. At that time, OA sought a valuation of up to 1.25 trillion won, but investors recognized its value at only 630 billion won during institutional demand forecasting. Reasons cited for this include its low recognition and small scale compared to other e-commerce platforms.
Following last July's major financial dispute, TMON, which has been undergoing rehabilitation procedures, recently began its hiring process for experienced professionals for the first time in over a year. The positions involve product planning (merchandising) for the home appliance and digital categories. The employment type is permanent, and the workplace is specified as the headquarters of OA's parent company, Gaeasoft, located in Jongno-gu, Seoul.
OA has established a policy to reopen the platform as soon as possible following the approval of the rehabilitation plan. Recently, TMON sent emails to some partner companies announcing plans for a reopening in mid-July.
OA has maintained profitability for 13 consecutive years. Over the past three years, operating profits have increased as follows: ▲ 48 billion won in 2022 ▲ 127 billion won in 2023 ▲ 223 billion won in 2024. Last year's sales were 517.1 billion won, an 8.7% increase from the previous year.