[Edaily Marketin Hur Jieun Reporter] Gudo Partners, a newly established private equity fund (PEF) manager, is engaged in a two-pronged bidding war for its first investment target since its launch. The targets are beverage company Haitai HTB and infant and toddler products firm Elisia.

While it remains unclear which will become their “maesugeol deal,” the deal is progressing faster with Elisia, while Haetae HTB is the larger target.

According to investment banking (IB) industry sources on the 12th, Godo Partners has entered the final stages of negotiations to acquire a stake in Elisia, the operator of the “Moyum” baby bottle brand. The deal is currently in the due diligence phase, with the goal of signing a share purchase agreement (SPA) within this month.

The acquisition price is reportedly being discussed in the mid-to-high 100 billion won range. This is about eight times Elisia’s projected earnings before interest, taxes, depreciation, and amortization (EBITDA) of 20 billion won for this year.

Elysia is an infant and toddler products company that specializes in feeding products and operates approximately 30 brands, including diapers, toys, and bedding. It currently exports to 12 countries and is the No. 1 seller of feeding products in Vietnam and Taiwan. Last year, its revenue exceeded 110 billion won.

The seller, Withers Partners, acquired three companies—Petitelin, Essentru, and Dudu Story—for 100 billion won in 2021 and rebranded them as Elisia. Once this transaction is finalized, the firm is expected to successfully exit the investment in just over five years.

The sale of Haitai HTB is being led by Samjung KPMG, the lead advisor for the transaction. Both Godo Partners and Mega MGC Coffee, which were included on the shortlist of qualified bidders, participated in the final bidding round that closed on the 6th.

The sale price being discussed in the market is around 300 billion won. Samjung KPMG plans to select the preferred bidder as early as this month. The sale involves the 100% stake held by LG H&H(051900), which acquired Haitai HTB in 2021.

Haetae HTB is a beverage company known for products such as “Grated Pear” and “Cocopalm.” It operates four factories in Cheonan, Pyeongchang, Cheorwon, and Iksan. Godo Partners plans to expand overseas sales and utilize existing production facilities for original equipment manufacturing (OEM), while Mega MGC Coffee aims to enhance business viability through synergies with its nationwide Mega Coffee stores.

Industry observers believe that Godo Partners’ all-out effort on these two acquisitions is driven by its fundraising situation. Since some limited partners (LPs) have indicated they will invest only after the firm establishes a track record, securing its first investment targets has become a top priority.

Currently, Mega MGC Coffee is also being mentioned as a potential acquirer of Burger King Korea (BKR), which Affinity is in the process of selling; as a result, market attention is focused on who will ultimately secure these deals, which are proceeding simultaneously.

An investment banking industry source explained, “(Godo Partners) is also focusing its efforts on the acquisition of Haitai HTB, given that the Elisia deal is relatively small. I understand they are highly committed to the acquisition,” adding, “Ultimately, the price (submitted in the final bid) will be the deciding factor.”

Godo Partners is an independent asset management firm co-founded in January of this year by CEO Lee Jin-ha, formerly of MBK Partners, and CEO Lee Jung-woo, formerly of Bain Capital. CEO Lee Jung-woo served as Bain Capital’s representative in Korea during his tenure there. The firm is currently raising a blind fund worth approximately 700 billion won from global limited partners (LPs). This is expected to become Godo Partners’ first blind fund.