Key Takeaways
- • TruBlue Equity, a newly launched private equity fund manager, and Envester, a 100% MiraeN-owned investment company, were selected as preferred bidder by Astra Asset Management for the sale of management rights in shipbuilding equipment maker KC, with a transaction volume of roughly 300 billion won.
- • The consortium's bid was reportedly the highest among competitors, which included a BNK-Hanwha Asset Management consortium and foreign strategic investors, and the sale targets 90.91% of KC's holdings.
- • Astra Asset Management acquired KC in February of last year for 170.5 billion won alongside Uamco and IBK Investment & Securities, and had also considered an IPO with NH Investment & Securities before choosing to sell.
- • KC's sales rose from 43.6 billion won in 2023 to 61.9 billion won last year, while operating profit was 16.4 billion won last year at a 26.5% margin.
Summary
TruBlue Equity and Envester, an investment company wholly owned by educational publisher MiraeN, are set to acquire shipbuilding equipment company KC, according to Radar M, citing investment banking industry sources as of October 16. Astra Asset Management has selected the TruBlue-Envester consortium as preferred bidder for the sale of KC's management rights, and the two sides plan to sign a memorandum of understanding once negotiations on deal terms are complete. The transaction volume is reported at around 300 billion won.
The deal targets 90.91% of KC, comprising 74.91% of Astra 1st Limited and 16% of the shares held through the Uamco and IBK Investment & Securities fund. A BNK-Hanwha Asset Management consortium and foreign strategic investors had also expressed interest. The seller reportedly favored TruBlue after weighing deal completion certainty alongside offer price, and the TruBlue-Envester group reportedly submitted the highest bid.
Astra acquired KC in February of last year with Uamco and IBK Investment & Securities for 170.5 billion won. Astra had also explored an IPO with NH Investment & Securities as organizer before opting for a sale. TruBlue is a newly established management company led by CEO Kim Tae-hoon, formerly head of Woori Bank's investment finance division and CEO of KY Private Equity. Envester previously acquired management rights to toy company Young Industries together with MiraeN.
Founded in Busan in 1986, KC manufactures hull corrosion prevention devices (ICCP) and marine growth prevention systems (MGPS). Its customers include more than 100 domestic and foreign clients such as Hanwha Ocean, Samsung Heavy Industries, and HD Hyundai Heavy Industries. Sales grew from 43.6 billion won in 2023 to 55.3 billion won in 2024 and 61.9 billion won last year. Operating profit rose from 13.5 billion won in 2023 to 17.4 billion won in 2024 before easing to 16.4 billion won last year, an operating margin of 26.5%.
The deal targets 90.91% of KC, comprising 74.91% of Astra 1st Limited and 16% of the shares held through the Uamco and IBK Investment & Securities fund. A BNK-Hanwha Asset Management consortium and foreign strategic investors had also expressed interest. The seller reportedly favored TruBlue after weighing deal completion certainty alongside offer price, and the TruBlue-Envester group reportedly submitted the highest bid.
Astra acquired KC in February of last year with Uamco and IBK Investment & Securities for 170.5 billion won. Astra had also explored an IPO with NH Investment & Securities as organizer before opting for a sale. TruBlue is a newly established management company led by CEO Kim Tae-hoon, formerly head of Woori Bank's investment finance division and CEO of KY Private Equity. Envester previously acquired management rights to toy company Young Industries together with MiraeN.
Founded in Busan in 1986, KC manufactures hull corrosion prevention devices (ICCP) and marine growth prevention systems (MGPS). Its customers include more than 100 domestic and foreign clients such as Hanwha Ocean, Samsung Heavy Industries, and HD Hyundai Heavy Industries. Sales grew from 43.6 billion won in 2023 to 55.3 billion won in 2024 and 61.9 billion won last year. Operating profit rose from 13.5 billion won in 2023 to 17.4 billion won in 2024 before easing to 16.4 billion won last year, an operating margin of 26.5%.
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