VIG Partners acquires Korean footwear fabric maker Youyoung for $206m

Image from pixabay.

VIG Partners, formerly known as Vogo Investment Group, has acquired Youyoung Industries, a local shoe fabrics maker for global sportswear brands, for 220 billion won ($206 million).

The Korean buyout firm announced on Tuesday it had made the acquisition through a special purpose vehicle jointly set up with Youyoung founder and CEO Jung Ho-tae.

Post the acquisition, Jung will become the second largest shareholder in the new entity and remain in the management team. Meanwhile, Kin Beom-joon, former head of Korean telecom carrier KT Corp, will be appointed as CEO of Youyoung.

Founded in 1991, Youyoung has manufactured and supplied footwear fabrics to global sportswear brands including Nike, Adidas, New Balance, Under Armour and Puma. The company also partnered with Nike to develop an advanced outer fabric in 2015.

Youyoung reported total revenue of 84 billion won ($79 million) and an operating profit of 20 billion won ($18.8 million) last year.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.