Eli Lilly and Novo Nordisk Battle for India’s Fast-Growing Obesity Drug Market 
UBS Warns of Short-Term Risks as Precious Metals Rally to Record Highs 
Winter Storm Devin Triggers Massive Flight Cancellations and Travel Disruptions Across the U.S. 
Waymo Plans Safety and Emergency Response Upgrades After San Francisco Robotaxi Disruptions 
Nvidia and Groq Strike Strategic AI Inference Licensing Deal 
Wall Street Ends Post-Christmas Session Flat as Investors Eye Santa Claus Rally 
Hanwha Signals Readiness to Build Nuclear-Powered Submarines at Philly Shipyard for U.S. Navy 
Warner Bros Discovery Weighs Amended Paramount Skydance Bid as Netflix Takeover Battle Intensifies 
BP Nears $10 Billion Castrol Stake Sale to Stonepeak 
Lebanon Cabinet Approves Financial Gap Law to Tackle Ongoing Economic Crisis 
California DMV Proposes New Safety Rules for Autonomous Vehicles After Waymo Incidents 
China Industrial Profits Slump Signals Need for More Economic Stimulus 
TSMC Honors Japanese Chip Equipment Makers With 2025 Supplier Awards 
Japan Approves Record ¥122.3 Trillion Budget as Takaichi Seeks Fiscal Balance 
Japan to Audit Brazil’s Beef System, Paving Way for Market Access 
Oil Prices Hold Steady in Asia as Geopolitical Tensions Support Market 
IMM Private Equity is said to be in talks to buy a stake in Hanssem, South Korea’s largest interior and furniture company. Based on the reports, the PE firm signed a memorandum of understanding (MOU) with Hanssem to acquire a controlling stake of 30.21%, which is said to be equivalent to ₩1.5 trillion or around $1.3 billion.
The independent private equity firm specializing in minority investment and the middle market buyout is buying the stake from Cho Chang Gul, Hanssem founder and honorary chairman, and seven other affiliated individuals.
The strategic stake acquisition
IMM Private Equity is currently the third-largest PE in Seoul and boasts $5.4 billion assets under its management. It is reportedly in discussion to become the largest stakeholder in Hanssem, and this was revealed on Wednesday, July 14.
The Korea Herald reported that the strategic investment MOU was already signed, but the furniture company did not disclose the exact proposed price for the acquisition. Cho Chang Gul was said to own almost 20% share in the company, but it was not mentioned how much of his share would be sold.
“Hanssem Honorary Chairman Cho has been in search of a strategic investor that recognizes the value of the company and its future growth potential,” the company stated. “We signed an MOU with IMM PE out of a belief that it could become a partner that is committed to Hanssem’s long-term growth and solid foundation for management.”
The identities of the affiliates whose shares were sold as part of the deal were not divulged as well. Then again, it was said that Hanssem and IMM Private Equity are set to sign a binding contract within the second half of this year.
No family succession for the company
In any case, market observers said that Cho Chang Gul may have made the decision to sell stakes in the company after ruling out family succession. This is because no one in his family could take over the business now.
It was reported that all of the founder’s children had distanced themselves from the management of Hassem, although they own a bit of stake in the company. Cho himself has also distanced himself from management and only hired professional managers to run the business.
"Although the honorary chairman's three daughters own 1.3 percent, 0.9 percent and 0.7 percent stakes in Hanssem, respectively, they have not participated in its management," The Korea Times quoted Yuanta Securities analyst Kim Ki Ryong, as saying.
