[비즈한국] It has been confirmed that Ezmedicom, a medical procurement and logistics agency effectively controlled by former Daewoong Pharmaceutical Chairman Yoon Jae-seung, a second-generation owner of the Daewoong Group, has acquired a corporation established this year for 25.8 billion won. The acquisition target is EZ Healthcare Solutions, a company with no publicly available record of sales or specific business achievements. This has prompted criticism that Ezmedicom needs to explain the basis for calculating the acquisition price of EZ Healthcare Solutions, the identity of the transaction counterparty, and the method of payment.
According to the Data Analysis, Retrieval and Transfer System (DART), Ezmedicom acquired a 100% stake in EZ Healthcare Solutions for 25.8 billion won during the first quarter of this year. This amount exceeds Ezmedicom's consolidated operating profit of 18.8 billion won for the year 2025. It also accounts for approximately 29% of its consolidated equity of 87.5 billion won for the same year.
Essentially, more than its entire annual operating profit was invested to purchase a single newly established corporation.
Public documents do not reveal the business viability or asset value that led Ezmedicom to calculate the book value of EZ Healthcare Solutions at 25.4 billion won and acquire it for 25.8 billion won. It is also unclear whether the 25.8 billion won was paid to existing shareholders for old shares or if it was capital injected directly into the company through the acquisition of new shares or a paid-in capital increase.
The timing of EZ Healthcare Solutions' establishment and the changes in its capital are also notable. According to the corporate registry, the company was established on January 12, 2026, with a capital of 100 million won. The capital was later increased to 430 million won on February 10, and expanded to 2.73667 billion won on April 29. The capital increased more than 27 times within about three months of its establishment.
The business purposes of EZ Healthcare Solutions also significantly overlap with Ezmedicom's existing operations. Ezmedicom has been engaged in MRO (Maintenance, Repair, and Operations) business, handling the procurement and logistics processes for medical supplies, medical devices, and general goods for hospitals and medical institutions. The registered business purposes of EZ Healthcare Solutions also include wholesale and retail of medical devices and pharmaceuticals, sales brokerage, management consulting, and warehousing and logistics services.
This is why questions are being raised about the background of acquiring a newly formed company with purposes similar to existing business operations for such a high price.
Even on the ground, it was difficult to identify the reality of EZ Healthcare Solutions. On the 28th, I visited the building on Nonhyeon-ro, Gangnam-gu, Seoul, which is listed as the head office of EZ Healthcare Solutions in the registry. Ezmedicom's head office is located in the same building. The building manager stated that while they are aware of Ezmedicom, they do not know of a company called EZ Healthcare Solutions.
Ezmedicom is classified as another related party of the Daewoong Group. It was established in September 2000 to streamline the procurement and logistics processes for pharmaceuticals, medical devices, and general goods for large hospitals. Currently, Hana Nuri (formerly M-Circle), former Chairman Yoon Jae-seung, and Insung TSS are listed as major shareholders.
Hana Nuri is the largest shareholder of Ezmedicom, holding a 23.9% stake. Former Chairman Yoon holds an 18.1% stake in Ezmedicom directly, and Insung TSS holds 11.6%. Insung TSS, in turn, owns 65.33% of Hana Nuri. Insung TSS is a family-owned company in which former Chairman Yoon and his eldest son, Team Leader Yoon Seok-min, hold a 100% stake.
Considering the governance structure of 'Insung TSS → Hana Nuri → Ezmedicom' and former Chairman Yoon's direct stake, Ezmedicom can be viewed as a company effectively under the influence of former Chairman Yoon. Given this, the fact that Ezmedicom acquired a 3-month-old corporation for 25.8 billion won has led to criticism that a clear explanation is needed regarding the governance structure and fund flow.
There is also a need to clarify who the existing shareholders of EZ Healthcare Solutions were and to whom the 25.8 billion won acquisition payment was made. If the counterparty is related to former Chairman Yoon or his related parties, it could develop into a controversy over affiliate or related-party transactions. Bizhankook reached out to Ezmedicom to inquire about the role of EZ Healthcare Solutions, the basis for the 25.8 billion won acquisition price, the method of share acquisition, the counterparty of the payment, and synergy with existing businesses, but did not receive a response.