이 기사는 2020년 04월 21일 08:00 thebell 에 표출된 기사입니다.

Macquarie Korea Opportunities Management (Macquarie PE) has shortlisted candidates for two environment and waste disposal companies in the country, Korea Environment Technology (Koentec) and Saehan Environment.

The seller, Macquarie PE, has selected MBK Partners, STIC Investment, a consortium of E&F and IS Dongseo, and TSK Corporation as shortlisted bidders on April 17.

A total of 10 firms and consortia, including MBK Partners, Hahn & Company, PAG, STIC Investment, a consortium of E&F and IS Dongseo, the world’s largest water company Veolia, the nation’s leading city gas supplier Samchully, a comprehensive waste management company TSK Corporation and Hoban Construction participated in the preliminary bid held on April 9.

The sell-side plans to open its virtual data room, interview executives and enable shortlisted bidders conduct due diligence next week. Considering a preliminary due diligence normally takes a month to complete, the main bid is likely to take place after mid-May. Potential buyers are expected to concentrate on determining their bid prices for the main bid while conducting due diligence.

Up for sale are a 59.29 percent stake in Koentec and a 100 percent stake in Saehan Environment, both of which are owned by Macquarie PE. Koentec provides industrial waste disposal service. The company reclaims and incinerates waste material as well as supplies local factories with hot steam which is generated by the incineration.

As of the third quarter of 2019, incineration, steam and landfill account for 43.9 percent, 36.3 percent and 19.4 percent of Koentec sales, respectively. For Saehan Environment that only runs incineration and steam businesses, each account for 71 percent and 28.2 percent of sales, respectively.

Koentec’s unique business structure that it provides both incineration and landfill services is one of the advantages the seller emphasizes. Only five or six companies in the country own such operational capability. The fact that a buyer can acquire two waste management companies located in two different cities concurrently - Ulsan (Koentec) and Cheonan (Saehan Environment) - is also considered a strength.

(By reporter Kim Hye-ran)