SkyLake Equity Partners seeking to raise capital for Solus Biotech Issuance of new shares through third-party allotment likely

Translated by Kim So-in 공개 2021-11-25 08:10:04

이 기사는 2021년 11월 25일 08:06 더벨 유료페이지에 표출된 기사입니다.

Private equity firm SkyLake Equity Partners is seeking to raise funds for Solus Biotech, which is the biomaterials business split off from Solus Advanced Materials, formerly known as Doosan Solus.

SkyLake recently hired Samjong KPMG as its manager to handle the process, said industry sources on Tuesday. The PE firm aims to raise capital by issuing new stocks through a third-party allotment, though the value and volume of the deal have not been decided yet.

Three potential investors are currently conducting due diligence on the company. SkyLake has reportedly decided to carry out the formal procedure for the stake sale through Samjong KPMG as it has been approached by multiple investors interested in investing in the company.

Solus Biotech has drawn attention from many domestic conglomerates for a long time since it was Doosan Solus’ bio division. “The division has been considered an attractive potential target as it has strong presence in the domestic ceramide market, and I heard that some companies attempted to take over the division,” said an industry source, while Doosan rejected takeover attempts.

The possibility of selling the bio business has constantly been raised after SkyLake’s acquisition of Solus Advanced Materials last year and the split-off of the division. But the PE firm plans to continue growing the business.

Solus Advanced Materials is stepping up efforts to bolster its mainstay business. It built a production facility in Hungary last year and plans to expand manufacturing facilities in phases by 2026. The company also announced recently that it has bought a copper foil plant site in Quebec, Canada, in a move to tap into the North American copper foil market.

Solus Biotech has total assets of 47.2 billion won ($39 million) and revenue generated by the separated business in the latest fiscal year was 42.3 billion won.

Solus Biotech holds a strong position in the market for natural emulsifiers for pharmaceutical purposes. With more than 30 years of expertise in raw cosmetics materials, the company also supplies cosmetics emulsifiers to domestic and overseas customers. Its cosmetics ingredient products include ceramide, phytosphingosine and hydrogenated phosphatidylcholine. The company commands 95% of the local ceramide market. (Reporting by Se-hun Jo)
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