이 기사는 2020년 02월 24일 07:00 thebell 에 표출된 기사입니다.

South Korea’s National Pension Service (NPS) and Korea Teachers Credit Union (KTCU) have invested 325 billion won in Glenwood Private Equity (Glenwood PE)’s co-investment fund to acquire SKC Kolon PI, the world's number one polyimide (PI) film maker based in Korea.

According to M&A industry sources on February 19, South Korea's homegrown buyout firm Glenwood PE has raised funds to acquire SKC Kolon PI via acquisition financing, blind-pool fund and co-investment fund. The deal to acquire the PI film maker is likely to close in early March.

Of the total transaction value of 660 billion won, Glenwood PE will finance 135 billion won through its first blind-pool fund. The PE firm has raised around 200 billion won through acquisition financing, in which the state-run Korea Development Bank (KDB) acted as an arranger. The remaining 325 billion won has been raised through the co-investment fund. What is notable is that NPS and KTCU, anchor investors of Glenwood PE’s first blind-pool fund, have participated in the latest co-investment fund. The two anchor investors put 150 billion won, respectively, in the 453.7 billion won first blind-pool fund in July of 2018.

Before participating in the latest co-investment fund, KTCU invested 45 billion won in Seorabeol City Gas and Haeyang City Gas by creating a new co-investment fund. The acquisition of the two city gas companies was the first investment by the Glenwood PE’s first blind-pool fund. At that time, NPS funded the buyout firm’s investment through its existing co-investment fund rather than forming a new one.

The two anchor investors have put money in the latest co-investment fund in two different tranches. Investors including KTCU and Nonghyup put a total of 250 billion won in class one redeemable convertible preference shares (RCPS), of which KTCU committed around 150 billion won. NPS solely put 75 billion won in class two RCPS. Class one RCPS take priority over class two RCPS with respect to claims on principal and interest.

NPS’ 75 billion won commitments came from two co-investment blind-pool funds which were formed two years ago. One fund was formed by SKS PE-Shinyoung Securities PE consortium and the other one was formed by Daishin PE.

Once the acquisition of SKC Kolon PI completes, the buyout firm is expected to use up 80 percent of its first blind-pool fund less than two years since its inception. The firm acquired the two city gas companies in 2018, followed by an acquisition of Hankuk Glass Industries (more commonly known for its brand HanGlas). Glenwood PE signed a contract with SKC and Kolon Industries to acquire a 54.97 percent stake in SKC Kolon PI at the end of December of 2019.

(By reporter Kim Hye-ran)