이 기사는 2019년 10월 22일 08:00 thebell 에 표출된 기사입니다.

South Korea's homegrown private equity (PE) firm, IMM Private Equity has drawn a lot of attention from investors in the nation's mergers and acquisition (M&A) market lately as the PE firm successfully exits Tailim Packaging.

According to industry sources on October 16, South Korean clothing maker Sae-A Trading and IMM PE signed a share purchase agreement (SPA) on October 15. The deal price reportedly is 730 billion won and the transaction is expected to be completed by January, 2020.

The latest deal involves all shares of Tailim Packaging that IMM PE owns and a 100% stake in Tailim Paper. Considering the acquisition loans and dividends, it is said that IMM PE generated a 2.3x return on capital invested in Tailim Packaging.

In July 2015, IMM PE purchased some 41.7 million shares of Tailim Packaging and some 13.7 million shares of Tailim Paper for a total of 349 billion won.

Back then, IMM PE's two blind funds, RoseGold II and RoseGold III invested 160 billion won and 120 billion won, respectively in the Trinity One, a special purpose company that IMM PE established. The remaining 70 billion won was financed through an acquisition loan. It is said the balance left on the acquisition loan is 120 billion won.

Since its investment in Tailim Packaging in 2015, IMM PE has collected a total of 100 billion won in dividends. Once the seller, IMM PE, receives 730 billion won from Sae-A Trading, the PE firm's internal rate of return (IRR) on the Tailim Packaging investment will be equal to 22.3 percent.

The industry experts say the PE firm's exit from Tailim Packaging is quite meaningful due to its size. Although a sale of domestic windshield wiper maker CAP in 2017 was IMM PE's first exit of buyout investment, the latest deal is considered to be more important, as the deal size of CAP was only 42 billion won.

IMM PE currently is working on creating a two trillion won worth new blind fund.

(By reporter Rho Arrum)