IMM PE may join hands with strategic investor to buy Hanssem PE firm focuses on creating synergy
Translated by Kim So-in 공개 2021-07-20 08:04:17
이 기사는 2021년 07월 20일 08:00 thebell 에 표출된 기사입니다.
IMM Private Equity (IMM PE) is considering forming a consortium with a strategic investor to acquire South Korea’s largest kitchen and interior furniture goods manufacturer Hanssem.The PE firm aims to boost Hanssem’s corporate value by creating synergy, according to industry sources Friday.
Hanssem signed a memorandum of understanding last week with IMM PE to sell approximately 30% stake owned by Hanssem founder and honorary chairman, Cho Chang-gul, and seven affiliated people. The transaction price is likely to be around 1.5 trillion won ($1.3 billion), or 220,000 won apiece.
IMM PE is expected to mainly use its fourth blind-pool fund, RoseGold IV, and its co-investment fund for the acquisition of Hanssem. Considering the deal size, the PE firm is likely to join hands with a financial or strategic investor to reduce the burden of large-scale financing.
IMM PE is focusing on increasing Hanssem’s corporate value instead of raising funds, which increases a possibility of the firm joining hands with a strategic investor instead of a financial investor.
“It is theoretically possible for a financial investor to create synergy with a buyer, but practically, there will be limitations,” said an official at IMM PE. “Partnering with a strategic investor will be an opportunity to accelerate the improvement of corporate value and create synergy at the same time.”
Hanssem has reportedly given IMM PE the exclusive rights to negotiate with the seller for about four months. The PE firm will conduct due diligence and draw up a concrete funding plan before signing a stock purchase agreement.
After closely examining precedents, IMM PE is expected to decide possible cases that are applicable to the Hanssem acquisition. It will review all possible scenarios, such as a plan for a strategic investor to participate in the acquisition of the stake and grant a right of first refusal on shares owned by IMM PE or a plan to entrust the management to a strategic investor and IMM PE to hold a put option.
Construction companies are mentioned as strong candidates for a strategic investor given Hanssem’s business structure. Founded in 1970 as a kitchen furniture manufacturer, Hanssem has expanded its business to the interior furniture and remodeling. It is also engaged in a business that sells materials to construction companies. The kitchen division accounted for 42.7% or the largest share of Hanssem’s revenue in 2020 on a consolidated basis. The interior division accounted for 30.3% and the element division took up 26%.
IMM PE plans to develop Hanssem into a leading smart home company by utilizing the company’s manufacturing and distribution competitiveness. (Reporting by Gyoung-tae Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
best clicks
최신뉴스 in 전체기사
-
- 스튜디오산타클로스ENT, 주주권익 보호 '구슬땀'
- 이에이트, AI 시뮬레이션·디지털 트윈 기술 선보여
- MBK, '몸값 2조' 지오영 인수 SPA 체결 임박
- [2024 더벨 글로벌 투자 로드쇼-베트남]한인이 설립한 RCE, 세계 첫 ‘중장비 온라인 중고거래’
- 회계법인 해솔, 부동산 타당성 자문 업무협약
- [2024 더벨 글로벌 투자 로드쇼-베트남]베트남의 지오영 '바이메드'·전기오토바이 '셀렉스' 눈길
- 지아이에스, 코스닥 상장 위한 예비심사신청서 제출
- [꿈틀대는 토큰증권 시장]'업계 표준' 루센트블록, '두자릿수' 레코드 조준
- [Company & IB]조달 '막바지' 롯데그룹, 롯데케미칼에 쏠리는 눈
- '910억 CB 발행' 아스트, 경영 정상화 속도 낸다