Koo Bon-sung, Ourhome’s former vice chairman offering near 60 percent stake of the owner family amid sibling fight over management control, is accused of having inflated the corporate value by presenting the company as an industry leader in corporate meal catering service.

According to industry sources, the teaser sent out to potential buyers by Koo`s sale advisor La Defense Partners stated Ourhome, formerly in-house caterer for LG Group, as co-dominant supplier in corporate catering service with CJ Freshway.

Ourhome, however, earns just a third of CJ Freshway.

According to disclosure statements, food distribution service of Ourhome is estimated at 610 billion won ($484 million), 35 percent of its full 2021 revenue of 1.7 trillion won.

CJ Freshway earned 1.77 trillion won from its food distribution service last year, with the bulk 1.73 trillion won made in home turf.

It is a clear overstatement to claim Ourhome commands leadership in food distribution market together with CJ Freshway when the gap is as wide as three times, one industry official said.

Koo’s side claims that the teaser had cited the Korea Foodservice Distributors Association (KFDA).

The association denies to have ranked industry as it does not have corporate data.

The seller argues any misunderstanding could be clarified and corrected through due diligence by potential buyers. Global private equity firm Kohlberg Kravis Roberts (KKR) is said to be interested in acquiring the stake of 38.56 percent from Koo and 20.05 percent from his sister.

Koo Bon-sung, the only son of Ourhome’s owner family with the largest stake, was removed from his post in June last year after his three sisters joined forces to dismiss him, citing the company’s poor performance under his control and his road rage scandal. But the eldest sister Mi-hyun last month joined her brother to sell her stake, reigniting a new round of dispute against the management under youngest Ji-eun.

The two older siblings are hoping to hold a preliminary tender in August to select a preferred negotiator in September. They are said to be asking for 1 to 2 trillion won for the stake.

By Jin Young-hwa and Cho Jeehyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]