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MBK Partners, a North Asian-focused private equity firm, is taking over NexFlex, a leading flexible copper clad laminate (FCCL) manufacturer in South Korea, for KRW530 billion. The PEF company signed a stock purchase agreement (SPA) with NexFlex’s owner, SkyLake Equity Partners, last week.
Sources from the investment banking industry said that MBK Partners agreed to pay $403 million for the acquisition of NexFlex, and this deal involves a 100% stake purchase. The private equity firm is expected to complete the payment by June of this year.
As per The Korea Times, after the SPA was signed by both companies, MBK Partners officially became the new owner of NexFlex. The FFCL maker finally found a buyer after failing to sell the company twice last year.
It was revealed that in May 2022, JC Partners’ subsidiary, JC Growth Investment, was tapped to be the preferred bidder for KRW600 billion. However, the deal was canceled, so a consortium composed of Woori Private Equity and Well to Sea Investment was named the new preferred bidder in September of the same year.
The consortium was said to have placed a bid for KRW630 billion, but the group did not make a follow-up on the deal after that. The reason for the failed deal is said to be the increased financing costs in the midst of interest rate hikes in the latter half of 2022.
With the announcement of MBK Partners agreeing to buy NexFlex, there is an apparent discount of KRW100 billion since it will only pay KRW530 billion when the previous failed sale attempt by the consortium was worth 630 billion won.
Business Korea reported that the deal also includes the granting of stock options worth KRW20 billion to the existing management team. Finally, MBK Partners is now raising funds of up to KRW300 billion for its acquisition financing and is currently in talks with Korean securities firms, including Kiwoom Securities.
“NexFlex has laid a stable growth foundation by securing not only global smartphone market leaders but also fast-growing companies in Chinese-speaking regions as customers,” a business insider stated.
