IMM set for $222m exit from Korea's Taihan Electric Wire
IMM Private Equity has agreed to sell its 40% stake in Taihan Electric Wire, a Korea-based manufacturer of high-voltage cables to Hoban Construction for KRW251.8 billion ($222 million).
Taihan disclosed the impending sale in a filing, saying that it was part of a business diversification effort for Hoban. The mid-size conglomerate already has interests spanning property development, construction, civil engineering, media, and financial services.
IMM paid INR300 billion for a 71.5% interest in Taihan in 2015 as part of a restructuring, according to AVCJ Research. It is one of three remaining assets in the firm’s second fund, which closed at KRW800 billion in 2012. IMM is currently deploying its fourth vehicle, having completed fundraising at the end of last year with KRW2 trillion in commitments.
Founded in 1955, Taihan serves customers across power generation and distribution, communications, base metals, and heating systems industries. It claims a strong presence in North America, the Middle East, and Southeast Asia, as well as in Korea. More recent expansion efforts have focused on the UK and Australia.
The company generated KRW1.45 trillion in revenue in 2020, up from KRW1.39 trillion the previous year. Over the same period, it swung from a net loss of KRW28.4 billion to a net profit of KRW24.4 billion.
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