Bain Capital secures majority stake in South Korea’s Echo Marketing

US private equity firm Bain Capital has snapped up a majority stake in Echo Marketing, the South Korean parent company of activewear brand Andar. The stake, valued at 344 million dollars, reflects Bain’s efforts to expand its presence in consumer brands, particularly in South Korea’s athleisure sector.

A regulatory filing seen by Reuters stated that the firm would be taking over a 43.66 percent stake from the company’s founder for 216.6 billion won (around 150.14 million dollars). The remaining 56.4 percent stake it intends to acquire through a tender offer at the same price of 16,000 won per share.

Echo Marketing joins Bain’s growing lineup of fashion companies in its broad asset portfolio, with the firm already holding stakes in Canada Goose, Spain’s Pronovias and Japan-based Mash Holdings.

Andar has been viewed by industry analysts as a potential competitor to Canadian giant Lululemon. The premium brand already has a secure presence across Japan, Singapore and Australia, as well as its home market, having capitalised on growing global demand for athleisure.