이 기사는 2019년 10월 11일 08:00 thebell 에 표출된 기사입니다.

South Korean buyout fund VIG Partners has agreed to buy a majority stake in the education services platform D.Share.
The local private equity firm had been actively searching for opportunities to invest in online-based businesses after it exited its investment in Summerce Platform, an operator of Korea's oldest shopping price comparison site Enuri.com, last June. By signing a share purchase agreement (SPA) worth 165 billion won on October 1, VIG has acquired a 50 percent stake plus one share from 93.51 percent stake belonging to D.Share CEO Hyun Seung-won.

The main business of D.Share is related to education services. However, VIG focused on the company's platform. The company not only provides its clients with online lecture programs remotely but also learning management services in its on-site centers. Such a hybrid business model appealed to the private equity firm.

Hyun, who founded the company in 2011, also needed a partnership with financial investors to take a leap forward. He is seeking to broaden the client base by expanding new services and on-site centers, as well as to enhance the brand value. Several financial investors approached the company, but Hyun ended up choosing VIG, which has a strong track record in the Korean mid-market buyout sector.

VIG carried out due diligence on the company over the last three months. Law firm Kim & Chang, consulting firm T-Plus and accounting firm EY Han Young advised the private equity firm on the deal, while D.Share received financial advisory services from Hong Kong-based Otium Capital.

Once the deal is closed within next month, VIG will recruit talents for D.Share's leadership positions such as CFO and CTO to accelerate progress in new business areas.

VIG plans to make investments in the newly acquired company via its fourth fund, which it started to raise earlier this year. The fund is to be closed by the end of next month at roughly 900 billion won, a larger scale than initially expected.


(By reporter Han Hee-yeon)