Glenwood PE seeks to sell PI Advanced Materials Lotte Fine Chemical mentioned as strong candidate for polyimide film maker
Translated by Kim So-in 공개 2022-02-17 08:12:24
이 기사는 2022년 02월 17일 08:06 thebell 에 표출된 기사입니다.
Glenwood Private Equity (Glenwood PE) has put PI Advanced Materials up for sale, with global PE firms like Carlyle Group and KKR and strategic investor Lotte Group considered strong candidates for the South Korean polyimide film producer.Glenwood PE and JP Morgan, which is managing the sale, sent out teaser letters to potential buyers, according to industry sources on Tuesday. About 54% of PI Advanced Materials, owned by Glenwood PE through its special purpose vehicle, will be sold.
Lotte Fine Chemical is mentioned as a strong candidate to acquire PI Advanced Materials. Lotte Fine Chemical has reportedly been expressing its strong intention to take over the company for a long time. However, Glenwood PE is said to have decided to sell the polyimide film maker through a public auction as it is in no hurry about exiting amid improving performance of PI Advanced Materials.
Established in 1964, Lotte Fine Chemical produces and sells general chemical products and intermediary materials. Its products include AnyCoat, a material for pharmaceutical capsules, and MECELLOSE, a functional additive for construction. Lotte Fine Chemical also manufactures electronic materials, including tetramethyl ammonium hydroxide (TMAC), a material for semiconductors, and color laser printer toners.
PI Advanced Materials, formerly known as SKC Kolon PI, was founded in 2008 as a joint venture between rivalling materials makers SKC and Kolon Industries. Polyimide films, which offer superior thermal stability and elasticity, are used in various industries such as aerospace, automobile and information technology. PI Advanced Materials holds the largest 31% share in the polyimide films market.
Some market insiders said Lotte Chemical, a genuine prospective buyer of PI Advanced Materials, is seeking to take over the company through Lotte Fine Chemical. Lotte Chemical is the largest shareholder of Lotte Fine Chemical with an about 31% stake. Lotte Chemical’s business consists of basic chemicals division and advanced materials division.
Market insiders are paying attention to the fact Glenwood PE has sold many of its portfolio companies to strategic investors including the country’s conglomerates. The PE firm sold Tongyang Magic to SK Group in 2016, two years after it acquired the rental service provider, which is now SK Magic. It offloaded Halla Cement to Asia Cement and it recently signed a memorandum of understanding to sell Hankuk Glass Industries to LX Group.
The sale of PI Advanced Materials has been widely expected as it has normally has taken two years for Glenwood PE to sell its portfolio companies after acquiring them. With its recent decision to sell Hankuk Glass Industries, market insiders expected the PE firm to put PI Advanced Materials up for sale. (Reporting by Ha-na Suh)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 현대건설, '힐스테이트 죽림더프라우드' 분양 중
- [Red & Blue]새내기주 한싹, 무상증자 수혜주 부각
- 아이티센, 일본 IT서비스 시장 공략 '잰걸음'
- 소니드로보틱스, 온디바이스 비전 AI ‘브레인봇’ 공개
- (여자)아이들 '우기’, 초동 55만장 돌파 '하프밀리언셀러'
- [ICTK road to IPO]미국 국방산업 타깃, 사업 확장성 '눈길'
- [Red & Blue]'500% 무증' 스튜디오미르, IP 확보 '성장동력 발굴'
- [코스닥 주총 돋보기]피엔티, 이사회서 드러난 '중국 신사업 의지'
- [thebell note]XR 기술의 사회적 가치
- [Rating Watch]SK하이닉스 글로벌 신용도 상향, 엔비디아에 달렸다?