JC Partners, a South Korean private equity fund manager, recovered approximately 400 billion Korean won from its investment in Goodrich, one of the country’s largest insurance general agencies, about four and a half years after acquiring control. Goodrich founder Han Seung-pyo exercised a call option under the existing shareholders’ agreement, with Bayside Private Equity and KL&Partners participating as financial investors. JC Partners invested 185 billion Korean won in 2022 and completed the exit based on a 67.3% stake after converting its convertible preferred shares into common stock. The transaction valued Goodrich’s 100% equity at approximately 600 billion Korean won and generated a 21% internal rate of return and a 2.4-times multiple on invested capital. Goodrich’s revenue, operating profit and financial-planner base all expanded after JC Partners strengthened its finances, commission structure, technology and internal controls. The firm also prepared the business for commission-tiering reforms scheduled for 2027 and 2029.