이 기사는 2019년 12월 11일 08:00 thebell 에 표출된 기사입니다.

South Korea’s Unison Capital has completed a transaction to acquire a controlling stake in 3D dental scanner maker Medit Corp, aiming to raise the value of the startup by helping diversity its geographical footprint.

The Medit deal, which valued the company at 640 billion won ($537 million), has closed last Thursday, about a month after a share purchase agreement was signed, as Unison Capital completed payment for acquisition of 50 percent plus one share of the scanner maker worth 320 billion won ($268 million), industry sources said.

This has made the private equity firm the largest shareholder of Medit. The remaining stake is owned by Medit’s co-founders Chang Min-ho, who is the current CEO, and his brother Chang Jin-ho.

Unison Capital has funded the acquisition through its blind-pool fund (about $84 million) and acquisition financing ($50 million) provided by NH Investment & Securities. The remaining amount (about $134 million) has been raised by setting up a co-investment fund where existing LPs who backed the blind-pool fund joined to invest.

The deal would enable Medit to have a strong partner in its bid to diversify overseas markets. Going forward, the company is expected to pursue “two-track” strategies, in which the existing management team focuses on developing technologies, while Unison Capital puts its efforts in enhancing management efficiency and expanding to overseas markets.

Specializing in 3D scanning technologies, Medit is already one of the key players in European and the U.S markets, with revenue from each region expected to account for nearly 40 percent and 20 percent, respectively, of the company’s 2019 revenue. The scanner maker also plans to enter Chinese market next year, and Unison Capital is expected to play a pivotal role in increasing Medit’s sales from Asian markets including China.

Medit co-founder Chang Min-ho, a 3D scanner expert who studied computer-aided design (CAD) at the Massachusetts Institute of Technology (MIT) in the U.S., established the startup in 2000. i500, the flagship product of Medit, is being sold across more than 70 countries, with its competitive edge in the size and weight as well as scanning speed. Medit also has price competitiveness over rivals, thanks to its strong technological capabilities contributing to lowering costs.

In addition, the penetration rate of 3D dental scanners remains low. Meanwhile, demand for dental treatments like clear alignment and implants, in which 3D scanners’ role is important, is increasing, boosting the company’s growth prospects.

When Medit was put up for sale earlier this year, several industry players were said to have expressed their interest in the company. Medit ended up partnering with a financial investor, with a focus on further growth of the company, though strong interest from industry players could be one of the factors that raise the possibility of a successful exit in the future.

Samjong KPMG and Kim & Chang acted as accounting advisor and legal counsel, respectively, to Unison Capital for the transaction. Medit worked with Citi Global Market Securities on the sale and received legal advice from law firm Yulchon.

(By reporter Kim Hye-ran)