Seoul, Korea, April 30, 2019 - The founders of Geo-Young (the “Company”) and private equity funds managed by Blackstone (NYSE: BX) have entered into a definitive agreement to acquire Geo-Young, a leading wholesale distributor of pharmaceutical drug products in Korea.
Geo-Young was founded in 2002 by Chairwoman and CEO Cho Sun-Hae, who has grown the Company into the largest wholesale pharmaceutical and medical device distributor in Korea. Geo-Young serves more than 250 multi-national and domestic pharmaceutical and medical device companies, distributing to more than 11,000 pharmacies, hospitals, and clinics through its nationwide logistics network. Chairwoman Cho will continue to be a significant shareholder of Geo-Young and will retain her leadership position at the Company.
Ed Huang, Senior Managing Director at Blackstone, said: “We are pleased to announce our new partnership with Chairwoman Cho and the high-quality management team of Geo-Young. Under Chairwoman Cho’s leadership, Geo-Young has become a market-leading healthcare distribution platform in Korea, with nationwide logistics and supply chain capabilities and differentiated service offerings. We are excited to collaborate closely with Chairwoman Cho and her team, and look forward to leveraging our global resources and expertise in healthcare and distribution businesses around the world to support Geo-Young’s continued growth and market leadership.”
Cho Sun-Hae, Founder, Chairwoman and CEO of Geo-Young, said: “It is a great pleasure to announce our new partnership with Blackstone. We warmly welcome our new shareholder and have great expectations for their support to further enhance our Company’s growth and capabilities. By doing so, Geo-Young can continue to deliver best-in-class, value-added services to its customers and ultimately contribute to the well-being of healthcare patients and to society.”
The transaction is expected to close in the second quarter of 2019, subject to regulatory approvals and customary closing conditions.
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Media Contact:
Ellen Bogard
Global Public Affairs, Blackstone
+852 9731 9726
ellen.bogard@blackstone.com
Carol HK Park
Access Communications and Consulting Co.
+82 10 8743 8813
cpark@accesspr.co.kr