[THE INVESTOR] Korean private equity firm VIG Partners said on Feb. 20 that it is acquiring an 83.1 percent stake in Winplus, a local fine food materials distributor, for 74 billion won (US$69.14 million).

VIG plans to acquire the stake, including newly issued stocks worth 45 billion won. After the deal is closed by March, a VIG executive will join the management of the firm along with current CEO and founder Lee Byeong-guk. 

“We aim to further improve the profitability of WinPlus, which is one of the leading players here,” VIG Partners CEO Shin Jae-ha said in a statement, citing the firm’s growth potential in the nation’s still nascent fine food materials market.

Winplus, established in 2005, operates seven supermarket chains in Gyeonggi Province and two logistics centers. It owns over 600 different private brand products. Its sales surged to 183 billion won last year from 70 billion won in 2014.

By Song Seung-hyun (ssh@heraldcorp.com)