Last Updated on 2025 年 6 月 30 日 by 総合編集組
JKL Partners’ Acquisition of London Bagel Museum: A Strategic Move in Korea’s Premium Dining Scene
Introduction: A Landmark Deal in Korean Private Equity
JKL Partners, a leading Seoul-based private equity firm, has made headlines with its acquisition of London Bagel Museum, a cult-favorite bagel chain in South Korea’s thriving premium casual dining market, for approximately 200 billion won (around $147 million USD).
This deal underscores JKL Partners’ strategic focus on high-growth, founder-led consumer brands and highlights the rising prominence of Korea’s dining sector. This summary explores the acquisition’s background, the unique appeal of London Bagel Museum, and how JKL Partners plans to leverage its expertise to drive the brand’s growth, particularly in international markets.
Transaction Overview: JKL Partners Secures the Deal
JKL Partners is in the final stages of negotiations to sign a share purchase agreement (SPA) with LBM, the operator of London Bagel Museum, with the transaction expected to close in the second half of 2025. The deal, valued at 200 billion won, is being managed by Bank of America as the financial advisor. JKL emerged as the winning bidder after outpacing Aeneas Private Equity, which had initially offered 300 billion won but failed to secure timely financing.
This acquisition aligns with JKL Partners’ robust financial position, managing 3.3 trillion won in assets across 10 private equity funds and 21 portfolio companies. The firm’s ability to mobilize capital from its upcoming 800 billion won blind pool fund gave it a competitive edge, positioning it to capitalize on the growing demand for premium dining experiences in Asia.
London Bagel Museum: A Cultural and Culinary Phenomenon
Since opening its first outlet near Seoul’s Anguk Station in 2021, London Bagel Museum has become a cultural sensation, drawing crowds with its crisp, golden-brown bagels, chewy interiors, and Instagram-worthy British-inspired interiors. The brand’s whimsical aesthetic and carefully curated menu have made it a must-visit destination for locals and tourists alike, often with queues spilling onto the streets.
The chain has expanded rapidly, adding three new outlets in Seoul and a flagship store on Jeju Island, a popular resort destination. Looking ahead, London Bagel Museum has ambitious plans to enter Japan and Singapore in 2025, signaling its potential to become a regional powerhouse in the premium dining sector.
Financial Performance
London Bagel Museum’s financial performance underscores its attractiveness as an investment. In 2024, the chain reported:
- Revenue: 79.6 billion won (approximately $58 million USD)
- Operating Profit: 24.2 billion won, with an impressive 30.5% operating margin
- EBITDA: 26 billion won
These figures reflect the brand’s strong profitability and scalability, making it a prime target for private equity firms seeking high-growth consumer businesses. Industry estimates suggest a valuation of 1500–2000 billion won based on a 7–8x EBITDA multiple, aligning with JKL’s final acquisition price.
The Founder’s Vision and Brand Identity
The success of London Bagel Museum is deeply tied to its founder, Ryo (Lee Hyo-jung), a former fashion industry professional who transitioned into the culinary world in her 40s. Ryo’s keen aesthetic sensibility and curatorial vision have shaped the brand’s retro-British charm and social media-driven appeal. Beyond London Bagel Museum, Ryo has built a portfolio of successful bakery and café brands under LBM, including:
- Artist Bakery, known for its salted butter bread
- Café Layered, a trendy dessert-focused café
- Café Highwaist, a chic coffee shop with a distinct aesthetic
This multi-brand strategy has diversified LBM’s revenue streams and strengthened its position in Korea’s competitive dining market.
Post-Acquisition Challenges
A key challenge for JKL Partners will be preserving London Bagel Museum’s brand DNA, which is closely tied to Ryo’s creative leadership. Consumers associate the brand’s appeal with its founder’s unique vision, raising concerns about maintaining continuity post-acquisition. To address this, JKL Partners is reportedly considering provisions in the shareholding agreement to allow Ryo and the existing management team to retain a minority stake or continue in a creative leadership role. A Seoul-based food and beverage investor noted, “The emotional equity consumers place in brands like LBM is not easily replicated,” emphasizing the importance of retaining the brand’s core identity.
JKL Partners’ Value Creation Strategy
JKL Partners is renowned for its active value creation approach, which goes beyond financial investment to include operational restructuring and strategic guidance. The firm’s interest in London Bagel Museum reflects a broader trend among private equity firms targeting founder-led “ownership brands”—small, influential businesses with strong consumer loyalty and growth potential.
Strategic Plans for London Bagel Museum
JKL Partners is likely to implement the following strategies to maximize the brand’s value:
- International Expansion: Accelerate London Bagel Museum’s entry into Japan, Singapore, and potentially other Asian markets, leveraging JKL’s expertise in global market penetration, as demonstrated in its investment in beauty brand Perenbelle.
- Digital Marketing Enhancement: Amplify the brand’s social media presence and e-commerce channels to boost brand visibility and sales, capitalizing on its Instagram-driven popularity.
- Operational Efficiency: Optimize supply chain management and streamline operations to improve profitability, drawing on JKL’s success with portfolio companies like Cleanopia, where EBITDA grew 2.5x through strategic acquisitions.
Proven Track Record
JKL Partners’ prior investments provide confidence in its ability to elevate London Bagel Museum. For example:
- Perenbelle: JKL supported the beauty brand’s global expansion, achieving a 54% revenue increase and 46% profit growth through digital marketing and international market entry.
- Cleanopia: By diversifying the laundry service provider’s business model, JKL drove a 2.5x increase in EBITDA, positioning it for a potential 7500–8000 billion won exit.
These successes highlight JKL’s ability to transform consumer-facing businesses through strategic interventions, making it well-equipped to unlock London Bagel Museum’s full potential.
Conclusion: A Recipe for Success
The acquisition of London Bagel Museum by JKL Partners marks a pivotal moment for both the private equity firm and the premium dining sector in Korea. By combining JKL’s financial resources and operational expertise with London Bagel Museum’s strong brand identity and growth trajectory, the deal sets the stage for the chain to become a leading player in Asia’s dining market. However, JKL must navigate the challenge of preserving the brand’s founder-driven appeal while scaling its operations. With its proven track record and strategic vision, JKL Partners is poised to transform London Bagel Museum into a global culinary brand, delivering value to investors and delight to consumers.
