[비즈한국] Wonik Group Chairman Lee Yong-han032940 has sold his entire stake in Wonik to Horizon Capital, a firm where his three children are the largest shareholders, via a block deal (off-exchange trading). It is reported that all three children are currently working at affiliates and undergoing management training; analysts suggest that this block deal has allowed the second generation to indirectly increase their control over the group.
According to the Data Analysis, Retrieval and Transfer System (DART), Chairman Lee sold his entire 38.18% stake in Wonik to Horizon Capital for 21.3 billion KRW on the 20th. Horizon Capital, a private equity firm, purchased the stake using 5 billion KRW of its own capital and 15.3 billion KRW borrowed from Chairman Lee, becoming the largest shareholder with a 46.33% stake in Wonik. As a result, the Wonik Group's governance structure has shifted to: Horizon Capital → Wonik → Wonik Holdings030530 → Affiliates.
The greatest beneficiaries of this block deal are Chairman Lee’s three children. The second-generation owners have increased their control over Wonik without paying a cent in gift taxes. Previously, only the chairman’s second son, Lee Gyu-min (37), held a 0.06% stake, but this block deal has given all three children effective indirect control over Wonik. Specifically, Horizon Capital’s shareholding is divided with Chairman Lee, his eldest son Lee Gyu-yeop (41), and his second son Lee Gyu-min each holding 26.67%, while his youngest daughter Lee Min-kyung (35) holds the remaining 20%. By selling his Wonik stake to Horizon Capital, Chairman Lee made it the largest shareholder, effectively strengthening the group control of his three children, who are shareholders of Horizon Capital. Wonik Group was included in the list of business groups subject to disclosure for the first time this year, which brought the identity of Chairman Lee’s family company, Horizon Capital, to light.
The prevailing analysis is that Chairman Lee has begun the succession process for the second generation in earnest through this block deal. Reporting by Bizhankook also revealed that all three of the chairman's children are currently employed at company affiliates.
Eldest son Lee Gyu-yeop not only works as a department head at Wonik Holdings but was also appointed as an internal director of Horizon Capital in 2020. As the only person listed on the board of directors of Horizon Capital, which has now become Wonik's largest shareholder, his role is expected to grow significantly in the future. Second son Lee Gyu-min reportedly moved to a new position after serving as the investment strategy team leader at Wonik Holdings, becoming an internal director at Wonik Robotics in 2016.
Youngest daughter Lee Min-kyung has held executive roles at ten Wonik Group affiliates. She is currently serving as Chief Strategy Officer (CSO) of the mobile healthcare and beauty platform Carelabs263700, and is listed as an internal director at companies including EDB, Goodoc, Babitalk, Medijob Leaders, CMS Lab, Haneul Mulbit Garden, and Jangsan. In March, she was also appointed as the CEO of two companies, MDIT and Hospital & Computer.
As the succession has officially begun, the business world is already focused on which of the three children will eventually inherit Chairman Lee Yong-han’s 26.67% stake in Horizon Capital.
When asked for comment regarding this block deal and the management succession, Wonik Group stated, "We have no information on the matter."