Global alternative asset manager The Carlyle Group has signed a definitive agreement to acquire up to 100% of South Korea-based Chung Ho Group, a leading provider of subscription-based home and healthcare appliance rental services, for a reported $700m.
The transaction will be funded through funds affiliated with Carlyle’s Asia buyout platform, Carlyle Asia Partners. Financial terms were not disclosed.
The deal represents a succession-driven transaction with the Joung family, the company’s current shareholders, as Chung Ho transitions into its next phase of ownership.
Founded in 1993 by the late Chairman Dr HD Joung, Chung Ho has developed from a water purifier manufacturer into a vertically integrated rental platform serving South Korean households. The company’s offering spans product rental services, filter and component manufacturing, as well as installation and after-sales support through a nationwide service network.
Its product portfolio includes water and air purifiers, bidets, mattresses and other home and healthcare appliances, with a business model increasingly anchored in recurring subscription revenue and long-term customer relationships.
Carlyle said it expects the company to benefit from structural tailwinds in consumer demand for health and wellness-related home products, alongside broader adoption of subscription-based consumption models in Korea’s appliance market.
As part of the investment strategy, Carlyle plans to support Chung Ho’s continued brand development and product innovation, with a focus on strengthening its premium positioning and service capabilities.
John Kim, Chairman of Carlyle Korea for CAP, said Chung Ho has established a strong brand and product base in the Korean water purifier and home appliance market, adding that Carlyle intends to leverage its global network and operational expertise to support the company’s next growth phase.
Icksoo Jung, Head of Carlyle Korea for CAP, described the transaction as an example of the firm’s ability to support founder-led businesses through succession and ownership transitions, a theme he said is becoming increasingly important in the Korean mid-market.
Chung Ho Group Chairwoman Dr Kyung Eun Lee said the partnership would help build on the legacy of its founder while enabling continued innovation and long-term value creation for customers and employees.
The transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals.
The Carlyle Group has been active in South Korea for more than two decades, deploying over $4bn across the market in investments spanning financial services, consumer brands and infrastructure-related assets, including ADT Caps and Kakao Mobility.
