ICG expands into food innovation market with investment in Big Mama Seafood

Bowl of Big Mama food
“Big Mama Seafood is the dominant market leader in the Korean condiment manufacturing market, having enjoyed a first-mover advantage" says ICG's Wooseok Jun

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

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 Korean B2C raw broth and seasoning market, which now accounts for KRW1.1trn. Located in a well-known fishery region in the Southern coast of Korea with access to an ample supply of fresh and high-quality raw materials, Big Mama Seafood serves both own brands and OEM clients, leveraging its long-standing expertise in sourcing and processing fresh seafood ingredients.

ICG will work in partnership with the company’s founding team to drive its next phase of growth, in terms of both geographic expansion and enhanced organisational capacity. Financial terms of the transaction have not been disclosed.   

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

Wooseok Jun
Wooseok Jun

Wooseok Jun, Head of Asia-Pacific Corporate at ICG, commented:

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.

Jung Won Joo, Big Mama Seafood, added:

“We are excited to partner with ICG as we look to accelerate our 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.”

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For further information please contact:

Clare Glynn

Head of Corporate Communications

T. +44 20 3545 1395

M. +44 7714 459 949

Email: [email protected]

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $68.5bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Twitter.