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Stonebridge Capital invests in Dansuk Industrial Seoul-based PE firm buys stake in biodiesel maker for about $67 mil

Translated by Kim So-in 공개 2021-12-08 08:10:26

이 기사는 2021년 12월 08일 08:05 더벨 유료페이지에 표출된 기사입니다.

Private equity (PE) firm Stonebridge Capital will acquire a stake in South Korean biodiesel maker Dansuk Industrial to capitalize on the company’s manufacturing capabilities of eco-friendly and renewable energy and the high growth potential of the industry.

Stonebridge has signed an agreement to buy a stake in the biodiesel maker for about 80 billion won ($67 million), industry sources said on Monday. The acquisition will be financed through the PE firm’s project fund. The deal is expected to close at the end of this month.

The PE firm will acquire shares owned by existing shareholders, including Dansuk's honorary chairman Han Goo-jae, with some of the common shares converted into redeemable convertible preferred shares.

With the latest investment, Stonebridge will become the second largest shareholder of Dansuk. Chairman Han Seung-uk will retain the management rights with the largest shareholding.

Founded in 1965, Dansuk is the largest polyvinyl chloride (PVC) stabilizer manufacturer in the country. The company is stepping up efforts to boost its biodiesel business in recent years, with its annual production of biodiesel reaching 340,000 kiloliters, the largest in the country.

It also collects waste cooking oil here and manufactures and exports as biodiesel. It sells its biodiesel products mainly to overseas refineries including British Petroleum (BP) and Shell, and distributes some to domestic refineries such as Hyundai Oilbank, GS Caltex, and SK Energy. It has about 18% share in the domestic market.

Stonebridge and Dansuk plan to establish a long-term strategic partnership, aiming to enter the new business in the form of joint investment and seek bolt-on opportunities such as mergers and acquisitions in the waste materials market. They plan to take the company public in about five years.

Dansuk recorded an operating profit of 24.8 billion won on revenue of 599.4 billion won last year on a consolidated basis. It exported approximately 236.4 billion won worth of biodiesel products.

The two sides struck the deal nine months after Stonebridge started to contact shareholders of Dansuk. EY Hanyoung and Shin & Kim provided accounting and legal advice on the deal, respectively, and Kearney provided commercial due diligence. (Reporting by Ha-na Suh)
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