<article>South Korean conglomerate E-Land Group has raised up to $626 million (700 billion won) with the sale of its home and design business under the Modern House brand to Seoul-based private equity firm <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/mbk-partners/">MBK Partners</a>.</article>

South Korean conglomerate E-Land Group has raised up to $626 million (700 billion won) with the sale of its home and design business under the Modern House brand to Seoul-based private equity firm <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/mbk-partners/">MBK Partners</a>.
E-Land sold 100 per cent of its shares in the brand that reportedly records yearly product sales of up to 300 billion won. It will use the proceeds for debt payments, involving delayed wages of contractual workers, and unpaid subcontractors.
The home and design business was launched in 1996 and sells a wide array of products such as appliances, furniture, and house decorations, among others. Both E-Land and MBK Partners are expected to sign a final contract this month that would eventually shift Modern House&#8217;s operations.
The home furnishing business has over 60 stores.
E-Land said it will retain its restaurant chains run by its subsidiary E-Land Park.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/63531-63531/">NYSTRS commits $458m to six PE funds including South Korea&#8217;s MBK Partners </a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/s-koreas-ing-life-insurance-applies-for-ipo-approval-korea-exchange-64867/">Korea: MBK Partners-owned ING Life Insurance applies for IPO approval</a>

S Korea's E-Land sells Modern House brand to MBK Partners for $626m

S Korea's E-Land sells Modern House brand to MBK Partners for $626m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

S Korea's E-Land sells Modern House brand to MBK Partners for $626m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief