The sale price is 700 billion won.
According to the Eland Group, MBK Partners, Asia's largest private equity fund, said it has finalized a 100% stake in Modern House, including the rent-in-class, at about 700 billion won. The business transfer will also conclude this contract within this month.
MBK Partners will maintain its modern house in Eland Distribution (NC, NewCoa, etc.) for the next 10 years. Modern House was launched in 1996 and now has annual sales of 300 billion won at 63 stores nationwide, centering on eland distribution.
MBK Partners has requested that Modern House, now in the Eland Retail Store, be open for the next 10 years, and Eland accepted it.
An official of Lee Land said, "We can expect synergy if we continue to keep the modern house with customer loyalty and attracting customers (guest collection) in the store." We can expect rental income as lease store in future. It will also help. "
Eland, which has focused on improving its financial structure by selling clothing brand 'Tinny Winnie' and real estate since last year, expects its financial condition to improve with the sale of the modern house. The sale of two brands of Tinny Winnie and Modern House has secured 1.6 trillion won.
Instead, the sale of Eland's restaurant business division is likely to be suspended.
Erland turned to increase the enterprise value of the restaurant business division.
We believe that the company will be able to achieve synergies by combining its fashion business with its mainstay business, which is the group's mainstay business.
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