SEUM Advises Bunjang Corp. in KRW 160 Billion Buyout by Praxis Capital Partners
SEUM advised Bunjang Corp. (“Bunjang”) in a private equity buyout transaction with private equity fund Praxis Capital Partners for a deal size of approximately KRW 160 billion for an 80% stake in the company.
Bunjang, formerly known as Quicket when established in 2011, is the operator of an online used goods marketplace with over 10 million users as of November 2019 and an estimated KRW 1.1 trillion in transactions in 2019.
Under the leadership of its founder and Representative Director Wonki Jang, Bunjang has focused its efforts in improving user experience and security by acquiring IT companies that have subsequently developed and introduced new and innovative services to the platform, including payment solutions such as “Lightning Pay” and “Lightning Wire”, as well as “Lightning Insurance”, an insurance that covers for damages arising from user transactions, among others.
Praxis Capital Partners, known in the industry for its pioneering and innovative strategy, chose to acquire Bunjang as the first portfolio company of its newly formed Blind Fund No. 3.
Based on SEUM’s many years of experience in representing startups and IT companies in investment and M&A matters and long relationship as Bunjang’s legal partner from its incorporation in 2013, SEUM was in the best position to provide Bunjang with swift and accurate legal advice in this buyout transaction.
The SEUM team was comprised of partners Hoseok Jung, Seungkyu Byun, as well as associates, Egyul Kim, Juhyun Park and Kyungmin Kwak.
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