H&Q Eyes Five Guys Korea Deal at KRW 60-70B Valuation by Mid-August

According to Investment Banking industry sources, H&Q Equity Partners will complete remaining due diligence on FG Korea (Five Guys Korea operator) by mid-August and reassess the company's valuation. The due diligence results and first-half 2026 financial performance will form the basis for negotiations with Hana Financial Gallery on final transaction terms, with both parties aiming to confirm enterprise value and pricing and execute a stock purchase agreement (SPA) by end of August.

Market expectations have ranged from KRW 60 billion to 70 billion for FG Korea, though Hana Financial Gallery has maintained that specific transaction amounts and conditions remain unconfirmed. H&Q's final valuation will hinge on first-half profitability trends (FG Korea reported sharply lower operating margins in 2025 despite revenue growth), Japan market expansion prospects, and contractual terms with Five Guys U.S. headquarters.