ACE Equity’s exit from Tesna likely to deliver large profits to KFCC Korean investor joined PE firm’s fund as anchor limited partner two years ago
Translated by Ryu Ho-joung 공개 2021-09-29 08:09:35
이 기사는 2021년 09월 29일 08:07 thebell 에 표출된 기사입니다.
The Korean Federation of Community Credit Cooperatives (KFCC) is expected to gain large profits from its investment in semiconductor testing company Tesna through a private equity fund.Seoul-based ACE Equity Partners agreed last Friday to sell its stake in Tesna to Wireless Power Amplifier Module (WiPAM) for 400 billion won ($338 million), industry sources said. The deal covers the firm’s entire holding of common shares, convertible preferred shares and bonds with warrants issued by the company.
The private equity firm invested 200 billion won in Tesna in 2019 through its fund dedicated to the deal. The recent sale represents a return of two times invested capital.
KFCC two years ago joined the fund as an anchor limited partner, although how much the investor put into the fund has not been disclosed. The successful exit from the investment is expected to deliver large profits to KFCC.
KFCC, which has more than 70 trillion won in assets under management, is said to have closely worked with ACE Equity on the investment from the early stages of fundraising.
Under ACE Equity’s ownership, Tesna spent 100 billion won on capital expenditure, leading to continued growth in revenue and earnings. Its revenue grew from 96.8 billion won in 2019 to 132.5 billion won in 2020, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose from 50.6 billion won to 83.8 billion won in the same period. Analysts predict the company will record revenue of 200 billion won and EBITDA of nearly 140 billion won in 2021.
Tesna, founded in 2002, offers solutions for testing of non-memory semiconductors. WiPAM, which is set to buy Tesna from ACE Equity, provides power amplifier modules for low power consumption mobile systems and counts Samsung Electronics among its key customers. (Reporting by Byunkeun Kam)
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