Affinity Equity Partners raises stake in Ubase Private equity firm buys 25.52% stake held by contact center service company’s founder
Translated by Ryu Ho-joung 공개 2021-05-13 07:47:43
이 기사는 2021년 05월 13일 07:42 thebell 에 표출된 기사입니다.
Affinity Equity Partners has bought additional shares in Ubase, strengthening its control of the South Korea-based contact center service company after the private equity firm acquired a majority stake in the company in 2018.Affinity Equity Partners recently purchased a 25.52% stake held by Ubase founder Park Dae-yong for about 50 billion won ($44.5 million), industry sources said.
The transaction comes after the private equity firm acquired a 61.14% in the customer management company one and a half years ago in a deal worth 380 billion won. The deal included the purchase of Park’s shares worth 80 billion won and a 300 billion won capital injection. After the deal was completed, Park’s stake was reduced to 25.52%.
The latest acquisition of Park’s stake allowed Affinity Equity Partners to simplify the ownership structure of Ubase as it looks to explore exit options in the coming years. The firm is also considering buying the remaining 13.34% stake held by minority shareholders.
Affinity Equity Partners used acquisition financing to buy additional shares from Park, with KB Securities providing 200 billion won in loans.
Founded in 1998, Ubase is one of the leading players in the country’s business process outsourcing service market, alongside Hyosung ITX, KT CS and Metanet Mplatform. Its revenue has continued to grow since hitting the 200 billion won mark in 2014. But the company posted revenue of 471.8 billion won in 2020, down 10% year on year, and swung to operating loss of 1.1 billion won from operating income of 14.3 billion won a year ago.
Affinity Equity Partners also supported Ubase with a bolt-on acquisition of software company Nexus Community in 2020. (Reporting by Si-eun Park)
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