Editor's Note
This editor’s note highlights the key facts and market implications behind “SkyLake Equity Partners to Sell Building Materia”, with emphasis on sourcing, product fit, fabrication, logistics, or buyer impact.
Domestic private equity fund (PEF) manager SkyLake Equity Partners (SkyLake PE) has initiated the sale of imported building materials companies Gayoung Ceramics and Sungchang Ceramics.
According to the investment banking (IB) industry on the 4th, SkyLake PE has begun the bundled sale of Gayoung Ceramics and Sungchang Ceramics, which it holds through a special purpose company (SPC) called SG Ceramics. Deloitte Anjin is handling the due diligence for the sale. Last year, Gayoung Ceramics recorded sales of 92.4 billion won and operating profit of 24.3 billion won, representing increases of 26.92% and 38.85% respectively compared to the previous year. Sungchang Ceramics' performance has not been disclosed. The expected sale price is around 300 billion won.
Gayoung Ceramics, a building materials company founded in 2004, gained fame by being the first to introduce Italy's extra-large ceramic 'Big Slab' tiles to the domestic market. Subsequently, it expanded its business by signing contracts with European ceramic tile manufacturers such as Italgraniti, Iris, New Pearl, and Laminam, supplying the domestic market through OEM (Original Equipment Manufacturer) arrangements. It also operates an interior brand showroom called 'Seti Nine' in Gangnam, Seoul. Sungchang Ceramics is a small and medium-sized enterprise running a similar business.
SkyLake PE acquired Gayoung Ceramics and Sungchang Ceramics in 2019 through its 10th blind fund, which was raised in 2016 with a size of 627.7 billion won. The portfolio of the 10th fund includes these two companies along with Yanolja, KDA, Coating Korea, Nexflex, and Helinox. SkyLake PE has already divested most of these assets, selling Coating Korea to No&Partners, Nexflex to MBK Partners, Helinox to IMM Investment and AJU IB, and KDA to Simpac. Yanolja is preparing for an exit process, aiming for a listing on the US Nasdaq.
Source: Read the original article | Published: November 04, 2024