Carlyle has agreed to acquire up to 100% of South Korean home and healthcare appliance rental company Chung Ho Group from members of the Joung family in a succession-driven transaction, the firm said on Monday.
Financial terms were not disclosed but the deal was reported to be worth about $700 million, according to Bloomberg. The investment will be made through funds affiliated with Carlyle Asia Partners, the firm’s Asia buyout platform.
Founded in 1993 by the late HD Joung, Chung Ho operates a vertically integrated home appliance rental business in South Korea, spanning product rentals, filter and component manufacturing, installation and after-sales services. The company, which serves a large recurring customer base nation, is known for products including water purifiers, air purifiers, bidets and mattresses.
Carlyle said it sees opportunities to capitalise on growing demand for health and wellness-related home appliances and the increasing adoption of subscription-based products and services. The private equity firm plans to support Chung Ho through investments in its brand and product innovation capabilities.
“We believe Chung Ho is one of the leading Korean water purifier and home appliance companies, underpinned by strong brand equity and product capabilities,” said John Kim, chairman of Carlyle Korea for Carlyle Asia Partners.
“This succession‑driven investment underscores Carlyle’s ability to provide solutions in complex ownership and succession transitions for founder‑led businesses in Korea,” said Icksoo Jung, head of Carlyle Korea for Carlyle Asia Partners. “Carlyle has a deep understanding and strong expertise in navigating such transitions, which we believe will become increasingly important in the Korean market.”
The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and customary closing conditions.
Carlyle has invested more than $4 billion in South Korea over the past two decades. Its investments in the country have included KFC Korea, Kakao Mobility, A Twosome Place, Hyundai Glovis, ADT Caps, and KB Financial Group.
