Standard Chartered backs South Korea’s Daelim Motor
Standard Chartered Private Equity (SCPE) has agreed to invest $61 million in Daelim Motor, South Korea’s leading motorcycle and auto parts manufacturer. The private equity firm will take a stake of unspecified size by subscribing to new shares in the company.
Daelim Motor is a subsidiary of Daelim Group, a local conglomerate that primarily focuses on the chemical and construction industries. Established in 1978, Daelim Motor is known for its Citi and Tact models. It also supplies aluminum die casting parts for engines and transmissions. The auto parts business now accounts for more than half of the company's revenue.
SCPE's funding will be used to strengthen the company's balance sheet and increase production capacity. The private equity firm will also support Daelim Motor's planned expansion into overseas markets.
"Daelim Motor enjoys unmatched brand power and sales network in the motorcycle industry and has leveraged its experience in automotive manufacturing to become successful in the auto parts business," Andrew Dawson, COO of SCPE, said in a statement. "We are excited to partner the company to achieve its ambitions on the international stage."
The investment represents SCPE's second commitment to Asia's auto industry within six months. In May, it paid approximately $35 million for an undisclosed stake Chinese luxury automobile dealership Sunfonda Automobile Group.
More on North Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.