이 기사는 2021년 03월 11일 17시56분 thebell에 표출된 기사입니다

Private equity (PE) firm Affinity Equity Partners, which was picked as the preferred bidder for JobKorea is seeking investors for the acquisition deal.

The PE firm is reviewing an option to partner with a foreign strategic investor SEEK, an Australia’s top online recruiting firm, as an equity investor and to invite multiple financial investors to make mezzanine investments, industry sources said on Wednesday (March 10). Potential financial investors include Hanwha Asset Management, which had participated in the JobKorea deal.

Affinity Equity Partners reportedly valued the country’s top online recruiting firm at around 900 billion won ($794 million) and plans to finance around 450 billion won through acquisition financing. Affinity Equity Partners will need mezzanine investors to complete its deal structure as SEEK is reviewing an option to make equity investments.

The PE firm has not decided how to attract investments. It is expected to either establish a special purpose company (SPC) and inject capital into the SPC, or make contracts with each shareholder but in different tranches.

Market insiders expect Hanwha Asset Management, a wholly-owned subsidiary of Hanwha Life Insurance, as a potential mezzanine investor. Hanwha Asset Management, which once competed with Affinity Equity Partners over JobKorea, could now join hands with the PE firm.

“Hanwha Group is seeking a new growth engine and it is especially interested in the platform business,” said an industry source, adding, “Hanwha Asset Management, which has been active in making mergers and acquisitions and investments, has a deep pocket after it secured a large amount of money from Hanhwa Life Insurance last year.”

Hanwha Asset Management said in February 2020 it will raise 510 billion won capital from its parent Hanwha Life Insurance. The fresh capital will be used to enhance overseas alternative investment capacity through acquisitions of foreign asset management firms, expand its overseas units, create a digital infrastructure and nurture more investment opportunities.

Financial investors including PE firms are also interested in partnering with Affinity Equity Partners as they see JobKorea as a platform operator with expandability.

“Participating in the deal as a mezzanine investor doesn’t seem to be a bad decision, as it has relatively low risks and will be a chance to understand the platform business,” said another industry source.

Around 10 strategic and financial investors, including Affinity Equity Partners, CVC Capital Partners, TPG Asia, MBK Partners and Permira participated in the first round of bidding held in December 2020. Of Seven shortlisted bidders, CVC Capital Partners, TPG, MBK Partners and Affinity Equity Partners submitted binding offers in February, amid intense competition. (Reporting by Byung-yoon Kim)