Goldman Sachs, private equity firm, to buy Happycall

U.S. investment banking giant Goldman Sachs Group (GS) and private-equity firm EastBridge Partners have reportedly agreed to acquire majority ownership of South Korea-based cookware manufacturer Happycall.

The deal is expected to be valued at roughly $160 million to $161.5 million, The Wall Street Journal and Reuters reported Sunday, citing a joint statement from the acquiring companies. The statement did not disclose financial terms for the deal or identify the stakeholders on the selling side, the reports said.

Happycall, whose website says the company's main office is located in Busan, makes frying pans, pots, woks and other cookware. The firm exports its products to 22 countries around the world, including the U.S.

Hyun Sam Lee, the company's founder and chairman, will remain a minority stakeholder following finalization of the transaction, according to the news reports,

Happycall in 2015 recorded revenue of 132 billion won, or roughly $118.3 million, and an operating profit of 10.7 billion won, or approximately $9.6 million, Reuters reported.

Goldman and EastBridge did not immediately respond to emails seeking comment on the deal.

The transaction represents Goldman's second acquisition involving a South Korean company this summer. In July, the investment bank and financial firm and Bain Capital Private Equity announced their agreement to acquire Carver Korea, a leading Korean cosmetics company.

Financial terms for the Carver deal were not disclosed. However, Goldman and Boston-based Bain said Carver's founder and Chairman Lee Sang-rok would continue to hold a minority stake and participate in day-to-day management.

Follow Paste BN reporter Kevin McCoy on Twitter: @kmccoynyc