이 기사는 2021년 05월 10일 08시05분 thebell에 표출된 기사입니다

Macquarie Korea Asset Management (MKAM) is nearing a deal to buy two industrial gas suppliers owned by Glenwood Private Equity (Glenwood PE), according to industry sources.

MKAM is close to finalizing a deal for a 100% stake in special purpose company Korea Energy Holdings, which was set up by Glenwood PE and owns Haeyang Energy and Seorabeol City Gas. The deal could be signed soon, sources said.

The deal is said to value the two industrial gas suppliers at more than 800 billion won ($714 million). The exit would generate a nearly 200 billion won profit for Glenwood PE in just two and a half years.

Glenwood PE acquired Haeyang Energy, formerly known as Haeyang City Gas, and Seorabeol City Gas from GS Energy at the end of 2018 for 616 billion won. MKAM was among other bidders pursuing the companies, although its bid was unsuccessful.

Haeyang Energy and Seorabeol City Gas were the first investment made from Glenwood PE’s first blind-pool fund, which closed in 2018 with capital commitments totaling 453.7 billion won. The fund’s other investments include Hankuk Glass Industries and PI Advanced Materials, formerly known as SKC Kolon PI.

The two companies’ ability to generate stable cash flows and growth prospects attracted MKAM, sources said. They both have exclusive operating areas. Haeyang Energy supplies gas in Gwang-ju and part of South Jeolla Province, while Seorabeol City operates in Gyeong-ju and Yeongcheon, cities in North Gyeongsang Province. The demand for gas is also on the rise with the increase in one-person households.

MKAM is expected to fund half the acquisition with debt. It has reportedly started marketing to banks and securities firms. (Reporting by Si-eun Park)