The Zenith Holdings (Q Capital Partners consortium incl. Skylake, Woori PE, Eugene AM, Shinyoung PE, DBC) acquires 54% of Doosan Engineering & Construction for KRW 258bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $178m
- Stake
- 54%
- Implied 100%
- $330m
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- Doosan Engineering & Construction · Construction (residential)
- Buyer
- The Zenith Holdings (Q Capital Partners consortium incl. Skylake, Woori PE, Eugene AM, Shinyoung PE, DBC) · FI
- Seller
- Doosan Heavy Industries (diluted via new share issuance)
- Structure
- —
- Announced
- Nov 19, 2021
- Closed
- —
- Stage
- Closed
Target
Doosan E&C is a Doosan Group general contractor with the 'We've' and 'Zenith' apartment brands, with a reported order backlog of KRW 7.1tn as of Q3 2021.
Deal rationale
A Doosan Heavy official said that while no cash comes in immediately, the structure is a strategic deal to realize a sale at better value later; Bizwatch described it as effectively completing the restructuring promised to creditors. Through a third-party capital increase (182.6m new shares at KRW 1,369, KRW 258bn) The Zenith Holdings took 54%, with Doosan Heavy keeping 46% and a right of first refusal. Per Money S, SPC investors were Doosan affiliate DBC (KRW 120bn), Q Capital (90bn), Skylake (30bn) and Eugene-Shinyoung PE (18bn); Q Capital said it would rebuild the business by expanding We've/Zenith orders.
Press coverage
- 비즈니스워치 (2021-11-19): “매각 규모는 2580억원으로 제3자 배정방식의 유상증자를 통해 이뤄진다.”
- 이코노미스트 (2021-11-19): “두산건설 발행주식 총수의 54%를 확보하는 최다출자자로서 경영권을 인수하게 된다”
- 딜사이트 (2022-05-09): “큐캐피탈파트너스가 설립한 특수목적법인(SPA) 더제니스홀딩스로 최대주주가 바뀌었다”
- 머니S (2022-01-03): “2021년 12월 21일 두산건설 지분 54.8%를 포함한 경영권 인수를 완료했다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.