Goldman Sachs invests $30m in Korean bakery ingredients maker Sun-in

Rye bread in a bakery. Pixabay.

Global investment giant Goldman Sachs’ Asian private equity arm has invested $30 million for a minority stake in South Korean bakery ingredients maker Sun-in Co., as per a report in WSJ.

The company will use the financing to improve its manufacturing and distribution facilities, as well as to develop technology to optimize ordering and delivery experiences for clients.

Established in 1987, Sun-in makes and distributes ingredients to a proliferating number of homespun bakeries, cafes and confectioneries across the country under different brands. Some of its products include non-dairy whipping cream, bakery ganache and fruit filling, bakery premix, non-melt icing sugar, fruit compound syrup, semi candied fruit, among others.

The New York-based investment firm has become active with investing in Asia, particularly South Korea, since last year. The firm reportedly has invested more than $2.5 billion in South Korea since 1999.

In July 2016, Goldman Sachs along with Bain Capital Private Equity acquired a majority stake in unlisted cosmetics maker Carver Korea Co Ltd. In August the same year, Goldman and private-equity firm EastBridge Partners announced acquisition of South Korean kitchen appliance maker Happycall Co. Ltd.

Last month, however, Unilever agreed to buy a majority stake in Carver Korea for $2.9 billion from Goldman Sachs and Bain Capital, the Seoul Economic Daily reported.

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