[비즈한국] Ezmedicom, a medical procurement and logistics agency, has clarified the controversy surrounding its acquisition of the newly established entity, Easy Healthcare Solutions, stating that it is a 'Special Purpose Company (SPC)' for acquiring a specific firm. Ezmedicom, a company controlled by the second-generation owner of the Daewoong Group, former Daewoong Pharmaceutical Chairman Yoon Jae-seung, injected 25.8 billion won to acquire Easy Healthcare Solutions. Ezmedicom also completely denied allegations raised by some regarding fund-raising for the succession of the owner family (Related article [Exclusive] Daewoong 2nd generation Yoon Jae-seung's Ezmedicom acquires a newly established company only months old for 25.8 billion won).
In an official response to inquiries from Bizhankook, Ezmedicom stated, "Easy Healthcare Solutions is an SPC established to acquire Avison Care," adding, "It was established for the purpose of executing the acquisition transaction and raising the necessary funds." Avison Care is a Maintenance, Repair, and Operations (MRO) company in which Yonsei University Health System holds a 51% stake. As a company with a February fiscal year-end, it recorded 22.9 billion won in sales and 21.6 billion won in operating profit from March 2025 to February 2026. Ezmedicom received approval from the Fair Trade Commission for the acquisition of Avison Care in April, and seven Ezmedicom executives, including CEO Jin Jae-hee, were appointed as executives of Avison Care on the 6th of last month.
Ezmedicom also clarified that the 25.8 billion won used to acquire the stake in Easy Healthcare Solutions has nothing to do with the succession of any specific individual or the largest shareholder. An Ezmedicom official explained, "This was a transaction conducted according to standard investment and acquisition procedures; the transaction amount was not paid to existing shareholders, but rather injected for the purpose of capital increase to pay for the acquisition." Regarding the reason capital jumped from 100 million won to over 2.7 billion won in three months, the official added, "The necessary fundraising was conducted in stages and according to commercial law procedures in line with the company acquisition process and transaction schedule."
Regarding the use of an SPC called Easy Healthcare Solutions instead of a direct acquisition, Ezmedicom argued that this is a common method in corporate M&A processes. An Ezmedicom official explained, "By conducting transactions through a separate legal entity, one can partially isolate the legal and financial risks associated with the acquisition target and structurally manage the parent company's financial burden. This is a structure that has also been used in major M&As, such as Samsung Electronics' acquisition of Harman and Ssangyong Group's acquisition of Ssangyong Cement."
However, the industry is keeping a close eye on future financing structures as Ezmedicom sets out to expand its business scale by acquiring Avison Care using an SPC. This is because the market value of Avison Care is estimated at between 100 billion and 150 billion won, which is far from sufficient with the 25.8 billion won capital increase in Easy Healthcare Solutions.
The core issue of this transaction is how the massive additional funds will be raised, who will bear the business risks, and who will ultimately reap the rewards of the expanded corporate power. An Ezmedicom official explained, "The SPC structure involves filling the remaining acquisition cost through financing or other investments, but the specific details are confidential and difficult to disclose."
Avison Care is a company that has grown based on the large hospital network of Yonsei University Health System. With this acquisition, Ezmedicom has secured a foothold to strengthen its unrivaled influence in the domestic MRO market by absorbing Yonsei University Health System's logistics network. Once the combination of the two companies is finalized, it is expected that, beyond a simple acquisition of stakes, a massive shift in the competitive landscape and transaction topography of the domestic large-hospital MRO market will occur, leveraged by massive capital.