이 기사는 2022년 02월 17일 08시06분 thebell에 표출된 기사입니다

Glenwood Private Equity (Glenwood PE) has put PI Advanced Materials up for sale, with global PE firms like Carlyle Group and KKR and strategic investor Lotte Group considered strong candidates for the South Korean polyimide film producer.

Glenwood PE and JP Morgan, which is managing the sale, sent out teaser letters to potential buyers, according to industry sources on Tuesday. About 54% of PI Advanced Materials, owned by Glenwood PE through its special purpose vehicle, will be sold.

Lotte Fine Chemical is mentioned as a strong candidate to acquire PI Advanced Materials. Lotte Fine Chemical has reportedly been expressing its strong intention to take over the company for a long time. However, Glenwood PE is said to have decided to sell the polyimide film maker through a public auction as it is in no hurry about exiting amid improving performance of PI Advanced Materials.

Established in 1964, Lotte Fine Chemical produces and sells general chemical products and intermediary materials. Its products include AnyCoat, a material for pharmaceutical capsules, and MECELLOSE, a functional additive for construction. Lotte Fine Chemical also manufactures electronic materials, including tetramethyl ammonium hydroxide (TMAC), a material for semiconductors, and color laser printer toners.

PI Advanced Materials, formerly known as SKC Kolon PI, was founded in 2008 as a joint venture between rivalling materials makers SKC and Kolon Industries. Polyimide films, which offer superior thermal stability and elasticity, are used in various industries such as aerospace, automobile and information technology. PI Advanced Materials holds the largest 31% share in the polyimide films market.

Some market insiders said Lotte Chemical, a genuine prospective buyer of PI Advanced Materials, is seeking to take over the company through Lotte Fine Chemical. Lotte Chemical is the largest shareholder of Lotte Fine Chemical with an about 31% stake. Lotte Chemical’s business consists of basic chemicals division and advanced materials division.

Market insiders are paying attention to the fact Glenwood PE has sold many of its portfolio companies to strategic investors including the country’s conglomerates. The PE firm sold Tongyang Magic to SK Group in 2016, two years after it acquired the rental service provider, which is now SK Magic. It offloaded Halla Cement to Asia Cement and it recently signed a memorandum of understanding to sell Hankuk Glass Industries to LX Group.

The sale of PI Advanced Materials has been widely expected as it has normally has taken two years for Glenwood PE to sell its portfolio companies after acquiring them. With its recent decision to sell Hankuk Glass Industries, market insiders expected the PE firm to put PI Advanced Materials up for sale. (Reporting by Ha-na Suh)