Hahn & Co. announced Wednesday an agreement to sell its used car platform, K Car, and its associated financing arm, to a consortium led by KG Group for 750 billion won ($498 million USD).
The agreement involves Hahn & Co. transferring a 72.19% controlling interest in K Car and a complete 100% stake in K Car Capital. This values K Car at 980 billion won and K Car Capital at 200 billion won.
KG Group described the acquisition as a “strategic turning point,” highlighting its ambition to develop a comprehensive mobility ecosystem integrating vehicle manufacturing, distribution, and IT platforms. The transaction will be structured as a co-investment with Seoul-based Cactus Private Equity.
K Car is the largest used car retailer in South Korea, commanding a 12.7% share of the overall used car market and over 50% of the online used car sales segment, according to data provided by Hahn & Co.
This sale marks Hahn & Co.’s exit from K Car, which they acquired in 2018 from SK Encar’s offline used car business for 220 billion won. The business was subsequently rebranded as K Car later that year. K Car’s IPO on the Kospi in 2021 allowed Hahn & Co. to recoup its initial investment.
Under Hahn & Co.’s ownership, K Car experienced substantial growth, increasing its revenue to 2.44 trillion won and EBITDA to 125 billion won in 2025, a significant increase from 990 billion won and 13 billion won, respectively, in 2018.
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