SEOUL, Oct. 11 (Korea Bizwire) — Global investment giant Goldman Sachs has invested US$30 million in a local bakery ingredients maker amid the rapid expansion of the country’s dessert market, the Korean firm said Wednesday.
Sun-in Co. said the investment will be spent to improve its manufacturing and distribution facilities, as well as to develop technology to optimize ordering and delivery experiences for clients.
Founded in 1989, Sun-in is the largest bakery ingredients manufacturer and distributor in South Korea, according to the firm. It produces more than 1,000 products which are supplied to 2,000 customers, including major bakeries, cafes and restaurants.
The company posted 84 billion won ($74 million) in revenue last year with an operating profit of 12.9 billion won. Sun-in said its sales grew at an annual average of 16 percent in the past decade.
“Sun-in is a local industry champion with significant further growth potential given the continuing diversification of diets and palates in Korea,” Stephanie Hui, co-head of private equity at Goldman Sachs in Asia, was quoted by Sun-in as saying.
According to government data, the size of the country’s dessert market was estimated at 8.9 trillion won in 2014, up 13.9 percent from a year earlier.