Glenwood PE in talks to sell Hankuk Glass Industries in deal worth $500 mil Potential sale will further increase IRR of private equity firm’s first blind-pool fund
Translated by Ryu Ho-joung 공개 2021-12-28 08:10:04
이 기사는 2021년 12월 28일 08:08 thebell 에 표출된 기사입니다.
Glenwood Private Equity is in advanced talks to sell Hankuk Glass Industries, a South Korean glass manufacturer known for its brand Hanglas, with the potential sale expected to significantly boost the return of the private equity firm’s fund.The Seoul-based private equity firm signed a memorandum of understanding on Friday to enter exclusive talks with LX International Corp to sell a 100% stake in the glass maker, according to industry sources.
LX International will conduct due diligence in the coming weeks, with a definitive share purchase agreement expected to be signed in the first quarter of 2022.
The sale is expected to be worth about 600 billion won ($505.8 million), which represent nearly twice what Glenwood PE paid for the glass producer two years ago.
The private equity firm bought 100% of Hankuk Glass Industries from French glass manufacturer Saint-Gobain in December 2019 for 310 billion won, alongside about 50 billion won in convertible bonds issued by the company.
Approximately 100 billion won of the acquisition cost was invested from Glenwood PE’s first blind-pool fund – which closed at 450 billion won in 2018 – and 200 billion won from a dedicated vehicle. The remaining 60 billion won was funded through debt financing.
Other investments made via the private equity firm’s first blind-pool fund include regional gas suppliers Haeyang Energy and Seorabeol City, polyimide film producer PI Advanced Materials and beauty retailer CJ Olive Young.
Glenwood PE exited Haeyang Energy and Seorabeol City earlier this year by selling its stakes in the two companies to Macquarie Korea Asset Management for about 798 billion won, pushing up the fund’s internal rate of return to 32%. The sale of Hankuk Glass Industries is expected to further increase the fund’s IRR.
The National Pension Service and the Korean Teachers' Credit Union are among major investors in the blind-pool fund. The Korean Federation of Community Credit Cooperatives is the anchor investor in the firm’s vehicle dedicated to investing in Hankuk Glass Industries. (Reporting by Gyoung-tae Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 신약개발 본격화 유나이티드제약 2세, 목표는 'ADC'
- '필러·보톡스' 알에프바이오, 프리IPO 펀딩 착수
- [K-바이오 클러스터 기행|대전]혁신신약 꿈, 오픈이노베이션 커뮤니티 '살롱'서 싹튼다
- 종근당그룹, 프리미엄 요양원 인수 '100억' 베팅
- '한국형' 이사회
- [기업집단 톺아보기]덩치값 못하는 삼성카드 '과잉자본'의 역설
- [조달전략 분석]홍정혁號 BGF에코머티, 플루오린코리아에 거는 기대
- [유동성 풍향계]삼양식품, 해외사업 커지면서 늘어난 안전 재고
- [Board Index/카카오]소위원회 개최빈도 살펴보니…'카뱅' 압도적
- [스튜어드십코드 모니터]KB운용, 경영진 이사 선임 안건에 무더기 반대표