A Twosome Place Acquisition, Valuation, Funding & Investors

A Twosome Place was acquired by Carlyle Group for $840M in November 2021, a 2.7x multiple on $307M of revenue.

A Twosome Place acquisition price

$840M

Acquired by Carlyle Group · Nov 2021

A Twosome Place revenue at acquisition

$307M

Last twelve months · Nov 2021

A Twosome Place revenue multiple at acquisition

2.7x

EV/Revenue · Nov 2021

Cumulative funding A Twosome Place raised

$122M

across 1 funding round

A Twosome Place Overview

About A Twosome Place

A Twosome Place is a Seoul-based coffeehouse chain renowned for its desserts, cakes, and refreshments. Operating under CJ Foodville, the brand maintains multiple locations in South Korea serving premium beverages alongside bakery items.


Founded

2018

HQ

South KoreaSouth Korea

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$307M (Nov 2021)

Valuation

$840M (acquired Nov 2021)

A Twosome Place Acquisition

A Twosome Place was acquired by Carlyle Group for $840M on 19 November 2021.

The acquisition price implies a 2.7x revenue multiple on $307M of revenue.

Before the acquisition A Twosome Place had raised $122M across 1 funding round.

A Twosome Place is Korea's No. 2 coffee chain, a premium coffeehouse franchise with over 1,400 stores nationwide and dozens overseas, originally launched by CJ Foodville in 2002. Carlyle Group agreed to acquire 100% of the company from Anchor Equity Partners and other investors for around 800 billion KRW ($669 million) in October 2021, with final negotiations ongoing. The target had previously been sold to foreign investors including Anchor Equity, GIC, and CPPIB for 450 billion KRW in the 2018-2022 period as CJ Foodville improved its financial structure. The acquisition was driven by A Twosome Place's strong performance during the COVID-19 pandemic, with annual revenue growing over 10% year-on-year to 360 billion KRW in 2020 and an operating profit margin above 10%, supported by expanded delivery services. Anchor Equity expected nearly 100% return on investment after a few years of ownership. Later reports confirm Carlyle completed the purchase for approximately 1 trillion KRW in 2021 and integrated it into a food and beverage strategy, including subsequent acquisitions like KFC Korea for synergies.

A Twosome Place acquisition details
AcquirerDateTypePriceEV/Revenue
19 Nov 2021PE buyout$840M2.7x

Sources: kedglobal.com

A Twosome Place Funding History

A Twosome Place has raised a total of $122M across 1 funding round.

A Twosome Place funding rounds

A Twosome Place funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2018Undisclosed stageAnchor Equity Partners; GIC; CPP Investments$122MA Twosome Place is a South Korean coffeehouse chain specializing in premium coffee and desserts, established in 2002 and spun off as an independent corporation from CJ Foodville in February 2018. The company operates over 1,400 stores domestically and focuses on high-quality cakes and desserts, with franchise operations starting in 2008. Anchor Equity Partners acquired 100% of A Twosome Place from CJ Foodville in three installments between 2018 and 2020 for a total of about 450 billion won, aligning with the specified investors Anchor Equity Partners, CPP Investments, and GIC around January 2018. In 2020, amid the COVID-19 pandemic, A Twosome Place achieved sales of 365.4 billion won, up 10.3% year-over-year, and operating profit of 38.8 billion won, up 8.7%, making it the only profitable coffeehouse chain in South Korea during that period. Anchor Equity, which wholly owned A Twosome Place post-acquisition, considered an IPO in 2021 with an estimated worth over 500 billion won ($445 million), but proceeded to sell the company in November 2021 to The Carlyle Group for over $800 million (around 800 billion won, per local press reports). Carlyle aims to expand the brand using its consumer retail expertise.

Who has invested in A Twosome Place?

3 investors have backed A Twosome Place across its funding rounds, including GIC, CPP Investments and Anchor Equity Partners.


A Twosome Place Investors

Investors in A Twosome Place by funding rounds participated
InvestorHQRoundsRoleFirst check
Anchor Equity PartnersSouth KoreaSeoul1ParticipantJan 2018

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A Twosome Place Competitors

A Twosome Place competitors include listed companies like Sapphire Foods India and Carozzi, and private ones like Country Delight, Kopi Kenangan, El Jannah and Blank Street.

Public and private companies comparable to A Twosome Place
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Country DelightIndiaGurgaonPrivate$148M-$820M5.5x
Sapphire Foods IndiaIndiaIndiaPublicly listed$331M$49M$718M2.3x
Kopi KenanganIndonesiaJakartaPrivate--$1B-
El JannahAustraliaSydneyPrivate-$16M$653M-
Blank StreetUnited StatesNew York City, NYPrivate$150M-$650M4.3x
CarozziChileChilePublicly listed$1.7B$212M$842M-

A Twosome Place Public Comps

A Twosome Place is no longer listed, but its public comps include Carozzi, Bloomin Brands, Kura Sushi, Harim Holdings, First Milling, Coca-Cola Embonor, Orkla India, Agrana Beteiligungs, Savencia Fromage & Dairy and Yantai Shuangta Food.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Carozzi$1.7B$212M0.9x-7.3x-
Bloomin Brands$4B$215M0.7x0.7x12.6x8.8x
Kura Sushi$1.5B$93M0.7x0.7x12.0x11.8x
Harim Holdings$9.8B$1.2B0.9x-7.4x-
First Milling$306M$110M3.8x3.3x10.6x9.8x
Coca-Cola Embonor$1.4B$169M0.7x-6.0x-
Orkla India$265M$46M2.9x2.6x16.3x16.1x
Agrana Beteiligungs$3.6B$117M0.4x0.4x11.8x6.2x

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Common questions about A Twosome Place

When was A Twosome Place founded?A Twosome Place was founded in 2018.
Where is A Twosome Place headquartered?A Twosome Place is headquartered in South Korea.
Is A Twosome Place publicly listed?No, A Twosome Place was acquired by Carlyle Group in November 2021.
Who acquired A Twosome Place?A Twosome Place was acquired by Carlyle Group in November 2021.
How much was A Twosome Place acquired for?A Twosome Place was acquired for $840M in November 2021, a 2.7x revenue multiple.
How much funding has A Twosome Place raised?A Twosome Place has raised $122M across 1 funding round.
What was A Twosome Place's last funding round?A Twosome Place's last funding round was a $122M undisclosed-stage round in January 2018.
Who are A Twosome Place's investors?A Twosome Place's investors include Anchor Equity Partners, GIC and CPP Investments.
Which companies are comparable to A Twosome Place?Companies comparable to A Twosome Place include Country Delight, Sapphire Foods India, Kopi Kenangan, El Jannah, Blank Street and Carozzi.

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