ICG, the global alternative asset manager, announced Monday that its Asia-Pacific Corporate team has completed its investment in Big Mama Seafood, a premium seasoning and condiment manufacturer located in Tong Yeong, South Korea.

In a statement, ICG said it will work in partnership with Big Mama Seafood’s founding team to drive its next phase of growth, in terms of both geographic expansion and enhanced organizational capacity.

Financial terms of the transaction have not been disclosed.   

According to the statement, ICG’s Asia-Pacific Corporate team seeks locally sourced, directly originated, and privately negotiated investments in Asia Pacific middle market companies.

Big Mama Seafood is best known for its seafood-based broth, Dashi, sold in tablet and tea packet forms, and is the dominant player in the South Korean business to consumer (B2C) raw broth and seasoning market, which now accounts for KRW 1.1 trillion ($888 million).

Located in a well-known fishery region in the Southern coast of South Korea with access to an ample supply of fresh and high-quality raw materials, Big Mama Seafood serves both own brands and original equipment manufacturer (OEM) clients, leveraging its long-standing expertise in sourcing and processing fresh seafood ingredients.

“Big Mama Seafood is the dominant market leader in the Korean condiment manufacturing market, having enjoyed a first-mover advantage. We are delighted to partner with an experienced management team with a core focus on product excellence,

“We believe the company is extremely well-positioned for continued growth and look forward to leveraging our expertise to assist in this next phase of development,” said Wooseok Jun, Head of Asia-Pacific Corporate at ICG.

Jung Won Joo from Big Mama Seafood said he is excited to partner with ICG as the firm looks to accelerate its growth.

“I am proud of all the team has achieved to date and, with ICG’s support, intend to further strengthen our key functions, implement new product development processes, and expand our geographic footprint,” he said.

ICG, which is listed on the London Stock Exchange, provides flexible capital solutions to help companies develop and grow.

The firm is a leading global alternative asset manager with over 30 years’ history, managing $68.5 billion of assets and investing across the capital structure.

It operates across four asset classes: structured and private equity, private debt, real assets, and credit.

The firm develops long-term relationships with its business partners to deliver value for shareholders, clients, and employees, and use its position of influence to benefit the environment and society.

The firm is committed to being a net zero asset manager across our operations and relevant investments by 2040.

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