Bain Capital has agreed to purchase the South Korean activewear company Echo Marketing, the parent company of athleisure brand Andar, for roughly $344 million.
The Boston-based private equity fund plans to initially purchase a 43.6 percent stake in Echo Marketing through a special purpose company (SPC) from its founder and another shareholder for 216.6 billion won ($150.14 million), Echo Marketing said in a regulatory filing on Friday, January 2.
Bain is also making a tender offer for the remaining roughly 56.4 percent stake in Echo Marketing, the Korean company reported, at the same price of 16,000 won per share, with the complete transaction valued at around $344 million.
Echo Marketing holds a 57 percent stake in Andar, a popular South Korean activewear brand it acquired in 2021. The brand is also sold in Japan, Australia and Singapore.
Image courtesy Andar
