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Carlyle invests $1.7 bil in automation equipment maker Duravant US private equity firm expected to use IPO slated for 2024 as exit route

Translated by Ryu Ho-joung 공개 2022-04-13 08:09:28

이 기사는 2022년 04월 13일 08:07 더벨 유료페이지에 표출된 기사입니다.

Private equity firm Carlyle Group has agreed to invest $1.7 billion (approximately 2 trillion won) in Illinois-based Duravant, a manufacturer of process equipment, which is expected to go public in 2024, according to industry sources.

Duravant was acquired by private equity firm Warburg Pincus in 2017. Carlyle will buy a 39% stake in the company from existing shareholders, becoming its largest shareholder alongside Warburg Pincus’ continuation fund.

Warburg Pincus aims to take Duravant public in 2024, when the two private equity investors are expected to sell part of their shares in an initial public offering. Carlyle plans to sell additional shares in the following year, with a target of completing its exit from the company in 2027, according to sources.

Carlyle’s investment in Duravant is projected to deliver a multiple on invested capital of 3 times and a 24% gross internal rate of return.

Duravant manufactures automation equipment used in packaging, food processing and materials handling. The latest deal valued the company at over 7 trillion won, compared to the valuation of about 1.5 trillion won in 2017 when Warburg Pincus acquired it.

Duravant has bulked up through acquisitions over the past four years. Most of its 14 subsidiaries have an EBITDA (earnings before interest, tax, depreciation and amortization) margin of over 25%.

Duravant is currently owned by Warburg Pincus’ fund (57%), its management (17%), Singaporean sovereign wealth fund Temasek (13%) and China’s CIC (13%). After the deal closes, Warburg Pincus and Carlyle will own 39% each of the company, while Temasek, CIC and the company’s management will hold 13%, 6% and 4% stakes respectively. (Reporting by Hyo-jung Lim)
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