이 기사는 2021년 05월 26일 07:23 thebell 에 표출된 기사입니다.

MBK Partners has completed the sale of its controlling stake in Chinese logistics provider Apex International Corporation to Swiss logistics firm Kuehne & Nagel.

The deal was announced in February and closed earlier this month after regulatory approvals, industry sources said.

The North Asia-focused firm acquired a majority stake in Apex in 2015 through its third buyout fund, investing a total of 190 billion won ($170 million) in the Chinese company over three years. The exit, which is worth more than 800 billion won, represents a money multiple of 4.5 times and a 37% internal rate of return.

The deal marks the firm’s first full exit after it sold Daesung Industrial Gases to Macquarie Infrastructure and Real Assets for 2.5 trillion won in February last year. MBK Partners had invested in the South Korean gas supplier in 2017 through its fourth buyout fund.

MBK Partners largely focused on execution of partial exits last year, as the firm, like many other private equity investors, took a cautious approach amid increased market uncertainty brought on by the Covid-19 pandemic.

The firm earned $114.5 million from the recapitalization of Hong Kong's telecom operator HKBN and its partial stake sale. The recapitalization of Doosan Machine Tools generated a $449.8 million profit for MBK Partners’ investors.

In its special situations portfolio, MBK Partners exited OCI, distributing $210.9 million, and sold a partial stake in fried chicken chain BHC, distributing $782.4 million (including co-investment).

MBK Partners is stepping up its investment activities this year, participating in the bidding for eBay’s South Korean operations and Yogiyo, Delivery Hero’s South Korean food delivery unit. It is also considering investing in online lender K bank, which is preparing for an initial public offering.

In Japan, MBK Partners acquired nursing homes company Tsukui Holdings Corp, which marked its first investment in the elderly care sector. It also bought Chinese No. 1 rental car company CAR Inc in March.

These investments contrast with last year when add-on deals accounted for a large portion of MBK Partners’ investments. That strategy was based on the firm’s thesis that the growth potential of companies and their risk can be best understood through add-ons during uncertain times.

MBK Partners completed add-on investments for South Korea’s Golfzon County and China’s beauty and spa brand Siyanli. Japan's Accordia Golf Co. Ltd, owned by the firm, also bought Singapore-listed Accordia Golf Trust to take it private. (Reporting by Hee-yeon Han)