Hyundai Green Food pulls out of buying kimchi fridge maker from CVC


kimchisq_lrgCVC’s deal to sell Korean kimchi refrigerator business WiniaMando has fallen through after potential buyer Hyundai Green Food said it decided not to follow through with the $147m deal.

The buyout firm agreed the deal to sell WiniaMando last month after holding the business for nine years.

WiniaMando, which made the first kimchi refrigerator in 1995, sells its products via 215 exclusive dealers, 390 electronics specialty stores, 280 department stores and online shopping channels.

Kimchi refrigerators account for 80 per cent of the company’s sales. A statement from Hyundai said it believed future growth would be limited.

Copyright © 2014 AltAssets