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Crescendo Equity partially divests from Hancom PE firm plans to reinvest in Korean software company as their partnership remains intact

Translated by Ryu Ho-joung 공개 2021-11-29 08:07:33

이 기사는 2021년 11월 29일 08:05 더벨 유료페이지에 표출된 기사입니다.

Crescendo Equity Partners has partially divested from its investment in Hancom for portfolio management reasons, which won’t affect the partnership between the two firms.

The Seoul-based private equity firm sold its entire 1.74% stake in Hancom at 29,833 won ($25) per share last week, cashing in approximately 13 billion won, according to sources.

The stake disposal has removed Crescendo Equity from the list of Hamcom’s shareholders, about two years after it first acquired common shares of the software company.

Hancom raised 60 billion won through a convertible bond sale in August 2017, with Crescendo Equity and Lindeman Asia Investment investing 50 billion won and 10 billion won respectively. Crescendo Equity purchased the bond through special purpose vehicles, Hermes Holdings Co Ltd and Thiel Crescendo Investments LLC.

In August 2019 the private equity firm partially converted the bond into common stock, becoming the third largest shareholder in Hancom with a 5.56% stake. In February 2020, it took profits by reducing its stake to 1.77%.

The recent stake sale was part of the firm’s fund management strategy and does not mean its complete divestment from the software company, sources said. Crescendo Equity still holds Hancom’s convertible bond through Hermes Holdings Co Ltd. .

“I understand Crescendo Equity recently disposed of its stake in Hancom for a reason related to exit activities of its fund,” said an industry insider. “Crescendo Equity intends to maintain a partnership with Hancom, which it thinks has a strong growth potential.”

Crescendo Equity is considering reinvesting in Hancom via its new fund, which is expected to close soon. The size of a potential deal could exceed that of the previous investment.

Kim Yeon-soo, Hancom’s chief executive, last month announced a plan to strengthen her control of the company by acquiring additional shares. HCIH, a special purpose entity owned by Kim, is the second largest shareholder of Hancom with a 9.89% stake at the end of September 2021.

Kim also said Hamcom will continue a financial partnership with Crescendo Equity.

Crescendo Equity is well known for being backed by PayPal founder and venture capitalist Peter Thiel. The firm targets mid-market companies with a focus on growth investments. (Reporting by Gyoung-tae Kim)
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