Gaw Capital Partners acquires 100% of Koentec for KRW 735bn
- Deal value
- $507m
- Stake
- 100%
- Implied 100%
- $507m
- Revenue
- $56m
- Op. income
- $21m
- Multiples
- EQV/EBIT 24.1xPSR 9.1x
Deal value ÷ stake (structure unconfirmed)
2024 별도 · DART-verified
2024 별도 · DART-verified
On implied equity value
DART 20250321001548
- Target
- Koentec · Industrial waste treatment (incineration and landfill)
- Buyer
- Gaw Capital Partners · FI
- Seller
- E&F Private Equity, IS Dongseo
- Structure
- —
- Announced
- Dec 17, 2025
- Closed
- —
- Stage
- Closed
Target
Koentec is an industrial waste treatment company operating incineration and landfill facilities in Ulsan, described in reports as a high-dividend company that pays out much of its operating profit each year. It posted revenue of KRW 80.5 billion and operating profit of KRW 30.5 billion in 2024.
Deal rationale
Per Dealsite, the E&F PE–IS Dongseo consortium bought a 59.29% stake in Koentec and Saehan Environment from Macquarie PE in 2020, lifted it to 86.3% via tender offer and to 100% through a share swap and capital reduction (delisting), and sold after about five years. Hong Kong-based PEF Gur Capital signed a binding MOU (treated as an SPA) in December 2025 without a preferred-bidder step; the deal includes an earn-out paying the sellers more if Koentec's results improve. Gur Capital reportedly funds KRW 400–500 billion via a project fund and the rest with acquisition financing (KRW 360 billion arranged by Woori Bank).
| Revenue | $56m |
| Operating income | $21m |
| EBITDA | — |
| Net income | — |
2024 별도 · DART-verified · 20250321001548
Press coverage
- 딜사이트 (2025-12-17): “양측은 이번 MOU를 사실상 주식매매계약(SPA)로 보고 있다.”
- 딜사이트 (2026-07-22): “거캐피탈의 코엔텍 인수(7350억원)”
- The Asset (2026-01-15): “has acquired a 100% stake in Korea Environmental Technology”
- 한국경제 (2026-09-30): “거캐피탈의 코엔텍 인수금융(3600억원)”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.