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Glenwood PE's first blind-pool fund fully invested Fund makes four investments since inception

Translated by Kim So-in 공개 2021-07-26 08:10:20

이 기사는 2021년 07월 26일 08:03 더벨 유료페이지에 표출된 기사입니다.

Glenwood Private Equity (Glenwood PE)'s 453.7 billion won ($394 million) first blind-pool fund has been fully invested in four companies in only three years since its inception.

The fund bought a 22.56% in South Korean cosmetics chain CJ Olive Young for around 414 billion won, industry sources said Thursday. About 73.7 billion won of the amount was financed through the fund, which was its last investment.

Glenwood PE closed the fund in the second half of 2018, with National Pension Service and Korean Teachers' Credit Union participating as limited partners. Back then, the PE firm focused on buyout investments in non-core operations offloaded by the country’s conglomerates.

The blind-pool fund made four investments, including Haeyang Energy and Seorabeol City Gas, Hankuk Glass Industries, PI Advanced Materials, formerly known as SKC Kolon PI, and CJ Olive Young.

Glenwood PE successfully sold its industrial gas suppliers, Haeyang Energy and Seorabeol City Gas, to Macquarie Korea Infrastructure Fund for around 798 billion won. The PE firm acquired 100% of the two companies from GS Energy in December 2018. It financed around 135 billion won from its first blind-pool fund to pay the 616 billion won acquisition.

As part of a post-merger integration process, Glenwood PE increased the city gas supply rate through annual investment and established infrastructure such as enterprise resource planning (ERP) and supply chain management (SCM) systems.

Glenwood PE purchased a 100% stake in Hankuk Glass Industries from French material producer Saint-Gobain for 330 billion won in September 2019. It financed around 110 billion won through the first blind-pool fund. Hankuk Glass Industries and KCC account for nearly 70% share of the domestic market.

Glenwood PE also invested 40 billion won exchangeable notes issued by Hankuk Glass Industries. The company created new jobs as a result of its efforts to expand capacity for high-value added glass products.

Glenwood PE acquired an around 54% stake in PI Advanced Materials from SKC and Kolon Industries in March 2020. It used approximately 135 billion won from the first blind-pool fund to finance the 610 billion won acquisition. Glenwood PE has expanded the production line of PI Advanced Materials and expanded areas PI film are used to electric vehicle batteries and 5G mobile networks.

The latest acquisition of a minority stake in CJ Olive Young marks the fund’s last investment. The beauty chain has a dominant position in the South Korean health and beauty market, with a 70% share and more than 1250 stores nationwide.

Glenwood PE recently closed its second blind-pool fund at around 900 billion won. (Reporting by Ha-na Suh)
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