이 기사는 2020년 05월 21일 08:00 thebell 에 표출된 기사입니다.

IMM Private Equity (IMM PE) is accelerating its post-merger integration (PMI) of AirFirst, formerly Linde Korea, by winning new projects and strengthening its organizational capacity.

AirFirst has recently been selected as an industrial gas supplier of Hyundai Oilbank, beating Linde, Air Products and Daesung Industrial Gases Airfirst is likely to generate a 10 billion won ($8.12 million) in sales and a 3.5 billion won in earnings before interest, tax, depreciation and amortization (EBITDA) per year through this 15-year contract.

IMM PE acquired a 100 percent stake in AirFirst for 1.3 trillion won in April 2019, beating global competitors including Air Liquide and Macquarie Opportunities Management (Macquarie PE). IMM PE has rolled up its sleeves to raise AirFirst’s enterprise value one year after its carve-out acquisition. The PE firm has focused on stabilizing the organization by making changes to its C-suite executives and hiring operators and engineers.

After the acquisition, the number of employees has grown to 180 from 140. IMM PE has scouted Lee Su-yeon, former Air Products chief executive officer (CEO), as new CEO of AirFirst. Heo Seong, who spent his career at Hyundai L&C and Samhwa Paint, has been appointed as chief operation officer (COO). Seo Yong-nam from Linde Korea has joined AirFirst as chief finance officer (CFO).

IMM PE has set a detailed plan to improve profitability of AirFirst based on advice provided by consulting firm Looxent. With its productive capacity and cost competitiveness improving, AirFirst is expected to record sales of 290 billion won and an EBITDA of 110 billion won in 2020, up approximately four percent and five percent, respectively, compared to a year ago,

Linde Korea, the Korean unit of German industrial gas giant Linde Group, was put up for sale as the group had sought to carry out corrective action ordered by the antitrust body here, citing market monopoly after the group merged with U.S. rival Praxair.

The PE firm is considering recapitalization of AirFirst. IMM PE secured 1.3 trillion won to acquire the company, using its blind-pool fund RoseGold 4, acquisition financing and a co-investment fund. Of the total, the PE firm raised 860 billion won through acquisition financing and is currently in talks with Shinhan Bank, the arranger of the acquisition financing, for the possible recapitalization.

(Reporting by Ar-rum Rho)