In November 2005, CVC Asia Pacific led the buy out of WiniaMando, a leading manufacturer of kimchi refrigerators, airwashers, water purifiers and air-conditioning units. The kimchi refrigerator, which accounts for over 80% of company sales, is a specially designed refrigerator used to ferment and preserve kimchi, Korea's staple food, and also to store other fruits, vegetables and meat. WiniaMando developed the industry's first kimchi refrigerator in 1995 and has maintained its market leadership ever since with a market share consistently exceeding 30%.
WiniaMando's products are distributed through extensive nationwide sales channels, including 215 exclusive dealers, 390 electronics specialty stores, 280 discount/department stores and CATV and online shopping channels.
WiniaMando represented a unique opportunity to invest in a leading specialty white goods player with strong market position and an excellent brand which had become synonymous for the kimchi refrigerator product category.
In the past two years, WiniaMando has re-established its business platform through various initiatives including a business restructuring and a debt refinancing which has created a solid base for future growth and earnings improvement.