Key Takeaways
- • Weltooth Investment, a mid-sized Korean private equity fund operator, has signed a stock purchase agreement to acquire an 85% stake in SI Flex (SIPLEX), an Apple iPhone component supplier, for approximately 430 billion won (overall corporate value: 500 billion won).
- • SI Flex manufactures flexible printed circuit boards (FPCBs) for cameras, displays, and other smartphone components, with 2025 sales of 745 billion won and operating profit of 60 billion won—representing 77% year-on-year profit growth driven by Apple supply chain integration.
- • Weltooth plans to fund the acquisition through 70 billion won from blind funds, 200 billion won from project funds, plus acquisition financing and seller investment, with deal completion targeted within three months.
- • SI Flex, established in 1988, has expanded its customer base to include Samsung, Hyundai, LG, and Sony while benefiting from Apple's component demand, positioning the acquisition as a play on high-growth smartphone component manufacturing.
Summary
Weltooth Investment, a domestic private equity fund operator, has entered into a definitive stock purchase agreement to acquire management control of SI Flex, a specialist manufacturer of flexible printed circuit boards (FPCBs) for Apple and other smartphone makers. The transaction, announced on April 14, 2025, values the 85% stake at approximately 430 billion won, with the target company's overall corporate value estimated at 500 billion won. The stake being acquired includes CEO Won Dong-il's shareholding and related parties' interests.
SI Flex represents an attractive mid-market acquisition for a growing Korean PE operator. The company generated 745 billion won in sales and 60 billion won in operating profit in the most recent period, with operating profit surging 77% year-over-year—growth substantially attributed to SI Flex's integration into Apple's iPhone component supply chain. Founded in 1988, SI Flex manufactures thin, flexible three-dimensional wiring circuit boards that enable miniaturization and weight reduction in modern electronics. The company has successfully expanded its customer footprint beyond Apple to include Samsung, Hyundai, LG, and Sony across both smartphone manufacturers and module parts suppliers.
Weltooth's financing structure reflects typical mid-market PE strategies. The firm is raising 70 billion won from blind funds and 200 billion won from project-specific vehicles, with the balance covered through acquisition financing and direct investment from the selling shareholders. Both parties have committed to completing the transaction, including final payment settlement, within a three-month window.
The transaction aligns with broader market trends in the Korean PE sector, where mid-market deals in the 500 billion won range have become increasingly central to PE activity as mega-deals have cooled. For Weltooth, the acquisition provides exposure to secular growth in smartphone component manufacturing while leveraging SI Flex's established relationships within Apple's supply ecosystem—a strategic positioning typical of value-creation strategies in the consumer electronics supply chain.
SI Flex represents an attractive mid-market acquisition for a growing Korean PE operator. The company generated 745 billion won in sales and 60 billion won in operating profit in the most recent period, with operating profit surging 77% year-over-year—growth substantially attributed to SI Flex's integration into Apple's iPhone component supply chain. Founded in 1988, SI Flex manufactures thin, flexible three-dimensional wiring circuit boards that enable miniaturization and weight reduction in modern electronics. The company has successfully expanded its customer footprint beyond Apple to include Samsung, Hyundai, LG, and Sony across both smartphone manufacturers and module parts suppliers.
Weltooth's financing structure reflects typical mid-market PE strategies. The firm is raising 70 billion won from blind funds and 200 billion won from project-specific vehicles, with the balance covered through acquisition financing and direct investment from the selling shareholders. Both parties have committed to completing the transaction, including final payment settlement, within a three-month window.
The transaction aligns with broader market trends in the Korean PE sector, where mid-market deals in the 500 billion won range have become increasingly central to PE activity as mega-deals have cooled. For Weltooth, the acquisition provides exposure to secular growth in smartphone component manufacturing while leveraging SI Flex's established relationships within Apple's supply ecosystem—a strategic positioning typical of value-creation strategies in the consumer electronics supply chain.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.