이 기사는 2020년 06월 02일 08:00 더벨 유료페이지에 표출된 기사입니다.
Unison Capital-backed P2P Systems, which is more commonly known as its meeting-space company Toz, is leading South Korea’s studying-space industry.
South Korea’s private equity firm Unison Capital has acquired P2P Systems for 44 billion won ($36 million) in 2016. Toz has retained the number one position in the premium studying-space sector in the country ever since the PE firm took over the company.
The company's one of the strengths is a solid branch network. P2P Systems is the largest meeting space provider with more than 360 branches nationwide, of which 333 are premium study centers. Toz has more branches than its rivals like GreenLamp Library and Zaksim and its branches are mostly located in Seoul and Seoul Metropolitan region.
Approximately 150 branches of its total branches are semi-directly operated that the head office pays half the capital stock when establishing a branch. This system enables franchisees and the head office share profits.
P2P Systems, which has its dominance in the studying-space sector, is actively expanding its presence in group meeting-space and shared office sectors. P2P Systems is currently operating seven shared offices in downtown Seoul.
Unison Capital invested in P2P Systems four years ago. Some market insiders said Unison Capital and Shinyoung Securities and SKS Private Equity, which invested in the company in 2018, may exit their investments in the near term. But, the largest shareholder of P2P Systems Unison Capital plans to continue its efforts to improve the company’s financial performance and take a wait-and-see stance amid ongoing shake-up in the domestic studying-space market.
The nation’s studying-space market is undergoing a reshuffle after the third largest company in the sector Academy Lounge permanently closed last year. IS Dongseo, a South Korean construction company, has also put its subsidiary ATOSTUDY, which operates two brands – GreenLamp Library and GreenLamp Squre – up for sale.
Unison Capital’s first private equity fund will mature in May 2024. The PE firm said that it is not in a hurry to exit P2P Systems amid its successful exits from its portfolio companies including Gong Cha.
(Reporting by Ik-hwan Choi)