US PE firm Yucapia exits South Korea’s IHQ
Yucapia Global PEF, a US private equity fund held by supermarket conglomerate owner Ronald Burkle, has exited almost its entire stake in IHQ, one of South Korea’s major entertainment stocks. It is unlikely to have generated a significant return on the investment.
The fund acquired a 6.05% interest in IHQ for KRW10 billion ($8.7 million) in 2007 and, until September 2011, remained one of the major shareholders, owning 6.84% of the company, Private Equity Korea reported, citing local media outlet MK News.
By January 10, Yucapia had reduced its stake to 0.6%, selling in the KRW3,000-4,000 per share range - much the same as its entry price in 2007.
Seoul-headquartered IHQ offers artist management services and is involved in the production and distribution of movies and television programs, as well as recording and marketing music titles. Although down 3.2% in morning trading on January 17, the stock has gained more than 110% in the last 12 months.
Huengkuk Securities projects the company will generate KRW51.6 billion in revenue and KRW4.6 billion in operating profits in 2011.
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