Seoul Private Equity is seeking to acquire Winia Co., a home appliance manufacturer under court receivership.
Winia announced in a regulatory filing on Tuesday that the private equity firm has inked a conditional investment agreement as part of a stalking-horse merger and acquisition process.
Founded in late 2023, Seoul Private Equity specializes in distressed assets.
The stalking-horse process allows the troubled company to secure a preliminary deal with a selected bidder — known as the stalking-horse bidder — before opening the transaction to competitive bidding.
If no higher bids emerge, the stalking-horse bidder finalizes the acquisition under pre-agreed terms.
Now that the M&A process has kicked off, Winia needs to submit a self-rehabilitation plan to the Seoul Bankruptcy Court by March. 20, according to a separate filing by Winia on Tuesday.
Winia, formerly part of Dayou Winia Group, has been seeking a new owner since December 2023.
Dayou Winia Group acquired Winia, formerly Winia Mando, in 2014. The group purchased Dongbu Daewoo Electronics Co., later rebranded as Winia Electronics Co., in 2018, but struggled with financial difficulties since 2020.
By Da Eun Choi
max@hankyung.com
