CCMP Capital acquires Korean chain of convenience stores

CCMP Capital Asia, the former Asian private equity arm of JP Morgan, is working with a local retailer to buy a Korean chain of convenience stores previously owned by Orion Corp., a local media and entertainment company.

CCMP Capital Asia, the Hong Kong based Asian buyout firm, has acquired Buy The Way, a convenience store chain in Korea, from Orion Corp., a Korean media and entertainment company.
The transaction size was not disclosed. The leveraged buyout was conducted in partnership with the company’s management, and debt financing was arranged by JP Morgan, CCMP said in a statement.

Buy The Way has around 1000 stores across Korea selling confectionary, beverage and fast-food items in densely-populated office, residential, entertainment and educational areas mostly in the metropolitan of Seoul.

CCMP said it was working with Convenience Retail Asia, a Hong Kong retailer, as a partner that will advise the private equity investor on developing its Korean network and business model.

Formerly known as JP Morgan Partners Asia, CCMP manages $2.7 billion. It has offices in Hong Kong, Tokyo, Seoul, Shanghai and Melbourne.

Last August, the group raised $1.59 billion – Asia Opportunity Fund II – to invest in buyouts in Asia. In May, CCMP and Pacific Equity Partners, an Australian private equity firm, jointly acquired Godfrey Group, a vacuum cleaner retailer in Australia and New Zealand.