Hanwha Group has finalized its acquisition of Ourhome Ltd., South Korea’s second-largest food service and catering company, for ₩869.5 billion ($622 million), marking the conglomerate’s re-entry into the sector after a five-year hiatus.
The transaction, completed through Hanwha’s leisure unit Hanwha Hotels & Resorts, gives the group a controlling 58.62% stake in Ourhome, a company with annual revenue exceeding ₩2.24 trillion. The acquisition was executed through a special purpose entity, Woori Home F&B, established in February specifically for this transaction.
Kim Dong-seon, vice president of Hanwha Hotels & Resorts and youngest son of Hanwha Group Chairman Kim Seung-youn, spearheaded the seven-month acquisition process that began last October. The deal required navigating complex financial arrangements, with Hanwha investing ₩250 billion directly while securing the remaining capital through financial investors and acquisition loans.
Industry analysts view the purchase as part of Kim’s broader strategy to strengthen Hanwha’s food and beverage portfolio. Since joining Hanwha Galleria in 2022, he has aggressively expanded the group’s F&B ventures, bringing the Five Guys burger chain to Korea in 2023 and acquiring U.S.-based robotic pizza company Stellar Pizza.
The acquisition faced challenges from internal opposition within Ourhome’s founding Koo family. While former CEO Koo Bon-sung and current CEO Koo Mi-hyun sold their respective 38.56% and 19.28% stakes, other family members holding about 40% ownership reportedly opposed the sale.
Hanwha’s return to the food service industry comes five years after it sold Foodist to private equity firm VIG Partners for approximately ₩100 billion. The group aims to leverage Ourhome’s expertise in food-related sectors to enhance its capabilities in kitchen automation and smart logistics across its hospitality operations.
