Korea's ACE Equity seals $356m tech manufacturing buyout
ACE Equity Partners, a Korean private equity firm that operates on a project fund basis, has acquired Daeho Technology Korea (DTK), a manufacturer of glass used in smart phones, for KRW400 billion ($356 million).
DTK produces 3D cover glass that enables images to be displayed across curved surfaces. This manufacturing technology is responsible for smart phone displays that flow seamlessly over the edges of devices and car dashboards that show images where once there was nothing but plastic.
The company, which was established in 1989, counts Samsung and LG among its clients, as well as an increasing number of Chinese brands. It also produces industrial manufacturing equipment and robotics.
DTK CEO Young Hwa Jung received offers from several foreign investors but opted to partner with ACE, according to a statement. While the private equity firm is taking 100% ownership of the target business, Jung will re-invest in the acquisition vehicle and retain his management responsibilities. The entry multiple is said be 3x.
ACE was founded last year by David Ko, who was formerly an executive at SkyLake Investment. The firm has KRW800 billion in assets under management across several project funds designed to hold single assets. Previous buyouts include Woojin Electric Machinery, factory automation software provider Aim Systems, and Dong Ah Chemical, a manufacturer of eco-friendly chemicals.
KR & Partners advised DTK on the sale, while Shinhan Financial and KB Securities were responsible for the transaction financing.
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