Affirma Capital exits Samyang Packaging PE firm generates IRR of 16% in six years

Translated by Kim So-in 공개 2021-05-10 08:27:28

이 기사는 2021년 05월 10일 08:05 더벨 유료페이지에 표출된 기사입니다.

Affirma Capital has exited Samyang Packaging seven years after it invested in the PET bottle maker, generating a money multiple of about 1.7 times.

Affirma Capital has recently sold a 10% stake in Samyang Packaging to Samyang Corp, industry sources said on Thursday. Samyang Corp bought more than 1.42 million shares of the bottle maker at 22,000 won apiece from the private equity (PE) firm.

Affirma Capital bought 100% of Hyosung Group’s packaging business for 415 billion won ($370 million) in December 2014. The PE firm made the investment through its special purpose company Asepsys Global, injecting 116 billion won, excluding acquisition loans.

In 2015, Asepsys Global merged with Samyang Group’s packaging business, with Samyang Group owining 51% of the merged entity, Samyang Packaging, and Affirma Capital holding the remaining 49%.

After the merger, Samyang Packaging’s earnings before interest, taxes, depreciation and amortization increased from 45 billion won to 80 billion won in six years. The company became the country’s largest beverage packaging OEM and ODM manufacturer.

After the acquisition of Samyang Packaging, Affirma Capital has been actively involved in post-merger integration and business management of the company, leading its growth. It also created synergy by integrating production and sales between the two companies, reducing costs, and streamlining raw material procurement and logistics.

Affirma Capital and Samyang Corp listed Samyang Packaging shares at 26,000 won per share in 2017. At that time, the PE firm retrieved 119.5 billion won by selling more than half of its holding in the company.

Affirma Capital sold its 1.7% stake in September 2020 via a block deal as the stock price rose more than 30% compared to the beginning of the year. The PE firm sold its shares at 20,700 won apiece, lowering its stake to 15%. The PE firm sold an around 5% stake in the company via a block sale in April before its latest stake sale.

The exit generated a money multiple of 1.6~1.8 times for Affirma Capital, with an internal rate of return of around 16% over the six years. (Reporting by Hee-yeon Han)
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