🥢 Big Stretch: Bain Capital acquires Korean activewear star Andar. Total valuation: about KRW 500bn (~USD 2bn). The goal is a full delisting.
🧾 Two-step takeover: Bain first buys 43.66% from the founder and his holding company for KRW 216.5bn (~USD 165m), followed by a tender offer for the remaining shares at a 49.5% premium to the last closing price.
🔐 Deal with handcuffs: To prevent a last-minute reversal, the founder’s shares were pledged as collateral. In case of a breach, Bain can forcibly acquire the shares—an unusually tough move in consumer M&A.
👚 Growth over luxury: Founded in 2015 as a yoga brand, Andar expanded into women’s, men’s, and everyday apparel. H1 2025 revenue reached KRW 135.8bn (~USD 1.0bn), a record high. The fashion arm is now by far the company’s most important asset.
🌏 Asia encore: Bain doubles down on consumer in Asia. After streetwear with Mash in Japan, activewear in Korea follows—an up-and-coming segment.
Background
The deal is part of a new wave of Asian consumer takeovers: Starbucks China, Golden Goose, Burger King China, Pizza Hut, and KFC. After years of high valuations, many brands are now seen as “underinvested but brand-strong.”
The unusually tough deal structure stands out. The backdrop is the Namyang Dairy case: in 2021, the founder blocked a signed sale to Hahn & Co., triggering a years-long legal battle that the buyer only won in 2024. Bain wants no second Namyang—and has locked in the Andar deal with share pledges and clear enforcement rights.
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