MBK acquires Young Hwa, targets Kumho Rent A Car
MBK Partners has reportedly completed the 100% acquisition Korean steel structures manufacturer Young Hwa Engineering Co., paying around $85 million, with roughly 50% of the purchase price to be funded by leverage from Hana Bank.
The deal followed Young Hwa’s decision, advised by Macquarie Group, to abandon a planned IPO in the face of deteriorating capital markets. A restructuring arm of Korea’s National Pension Service held some 25.12% of the company. Meanwhile, MBK reportedly has also partnered with fixed-line telephone company KT Corp. as the preferred bidders for for Kumho Rent A Car Co., a division of the indebted Kumho Group, in a process managed by the Korean Development Bank.
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