JC Partners Recoups Goodrich Investment After Four and a Half Years

Founder Hansung Pyo Buys Back Shares, Regaining Control

Private equity fund (PEF) manager JC Partners has exited its investment in corporate insurance agency Goodrich by selling its stake back to the founder, recouping its investment after four and a half years.

Goodrich. Yonhap News Agency

On September 15, JC Partners announced that after acquiring management rights of Goodrich in 2022 by investing 185 billion won, it has recovered approximately 400 billion won through this latest sale. Hansung Pyo, the founder and CEO of Goodrich, repurchased the shares, regaining management control.

The investment generated an internal rate of return (IRR) of 21% and a multiple on invested capital (MOIC) of 2.4 times, meaning JC Partners recovered about 2.4 times its initial investment. Goodrich's 100% equity value was estimated at around 600 billion won during the sale process.

The deal involved CEO Han bringing in new financial investors—Bayside Private Equity and KL&Partners—while exercising a call option (the right to purchase shares) under the terms of an existing shareholder agreement.

In June, CEO Han notified JC Partners of his intention to exercise the call option. The transaction terms were finalized through external valuation and negotiations.

Following JC Partners’ acquisition, Goodrich’s financial structure improved. Sales grew from 321.3 billion won in 2022 to 644.6 billion won last year. Operating profit rebounded from a deficit of 2.7 billion won to a surplus of 55.2 billion won.

A JC Partners representative said, "Our efforts to improve the financial structure and profitability, along with qualitative business growth, led to an increase in corporate value and a successful investment recovery."

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