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S. Korea’s Hansol Group to acquire Tapex at $114.5 mn
Write 한솔제지 Date 2018-07-06

Hansol Group, a South Korea’s paper-making conglomerate, has joined up with local private equity funds to purchase Tapex Co, a local maker of industrial adhesives, to solidify electronic materials business of Hansol Chemical Co.

According to local investment bank industry on Wednesday, Hansol Group agreed to purchase a 99.5 percent stake in Tapex from its major shareholders, SkyLake Investment Co. and Carlyle Investment Management LLC for about 140.0 billion won ($114.5 million). Agreement details are still under discussion but the parties plan to ink a share purchase agreement during this weekend at the earliest. Hansol Chemical of Hansol Group will lead the takeover deal by forming a consortium with NH Investment and Securities' private equity fund and Aju IB Investment Co. as its financial investors. Hansol Chemical and the financial investors will each bear half of 100 billion won while the rest 40 billion won would be sought in loan financing.

Hansol has been eager in the deal, hoping it would bring about synergy effects through business collaboration with Hansol Chemical. Electronic materials took up 12.5 percent of Hansol Chemical’s overall sales as of the third quarter ended September last year, steadily rising from 14.2 billion won in 2013 and 14.6 billion won in 2014 to 28.9 billion won as of the third quarter of 2015.

The acquisition had been led by Hansol Chemical Vice President Cho Yeon-joo, the first daughter of Hansol Group Honorary Chairman Cho Dong-hyuk and heiress-apparent.

SkyLake Investment led by Chin Dae-je, former Minister of Information and Communication, and global giant investor Carlyle Investment Management bought Tapex shares at 110 billion won from KDB Capital Corp and JKL Partners Inc. in 2013. SkyLake Investment used the capital invested by Korea Finance Corporation and Carlyle made the investment through its Carlyle Growth Korea III fund. Two private equity investors are expected to have gained over a 20 percent yield per annum considering the profit margin from the sell-off and dividends.

Established in 1994, industrial tape manufacturer Tapex specializes in making adhesive tapes used in electronics industries including semiconductors and secondary batteries. It is also known for Uniwrap, a popular household brand known for plastic food wrap, bag and gloves in Korea. The company has shown a decent performance, recording 14.1 billion won for operating income and 111.5 billion won for sales in 2014.

[ⓒ Maeil Business Newspaper &, All rights reserved]


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