Hyosung Group plans to add a supercar dealership to its business portfolio, seeking to create synergy with its existing luxury import car business, multiple sources said Wednesday.

According to an industry source, the country’s 25th-largest conglomerate in terms of assets plans to purchase Forza Motors Korea, the Korean dealer of Italian supercars made by Maserati and Ferrari. The takeover deal is estimated at around 20 billion won ($17.7 million).

Although the company has not yet signed the deal, the insiders said, this will help Hyosung take a leap into the supercar business. 

Hyosung already has a dealership for Mercedes-Benz through The Class Hyosung, Toyota through Hyosung Toyota and Lexus through The Premium Hyosung. Hyosung has reportedly generated about 500 billion won in sales through its import car dealerships in 2013, and market analysts said it would see an upsurge in sales last year given the rapid growth of Korea’s import car market.

“The Class Hyosung is the second-largest Mercedes dealer in Korea and has ample know-how in the imported car business. Since both Maserati and Ferrari are seeking to expand their presence in Korea, the deal could create synergy,” a source said.

FMK, established in 2007 by fertilizer-oriented business group DongA One, sold 723 Maserati cars in 2014, up 469 percent from 127 units in 2013. The Italian headquarters earlier this year promised a full range of support for the “explosive market.” FMK also revealed that the company arranged sales of more than 100 Ferraris last year.

Another market insider suggests that the deal could be also be a personal decision by the heads of Hyosung Group.

Hyosung Corp. president Cho Hyun-joon, the eldest son of Hyosung chairman Cho Suck-rae, is married to DongA One chairman Lee Hi-sang’s daughter. And while DongA One’s business has been ailing, Hyosung has been ready to help. In 2012, Hyosung became the third-largest shareholder of DongA One after Hyosung ITX acquired 3.82 percent of the flour producer’s shares.

DongA One earlier this year announced corporate restructuring focusing on core businesses, after reporting 17.5 billion won in operating deficit and 77.6 billion won in net loss last year, with debts eight times the value of its net worth.

Alongside the FMK, the group recently put Top Cloud, a fine-dining restaurant in central Seoul, Dangjin Lorry Terminal and organic food-maker Hegaon up for sale in order to focus on its strengths in the flour and fertilizer businesses.

“The import car business is quite complicated and you need to invest a lot in sales infrastructure and promotion. Since FMK has invested a lot and was about to harvest from the investment, this is surely a very good deal,” another source told The Korea Herald.

By Bae Ji-sook (baejisook@heraldcorp.com)