Affirma Capital / The Hahm Partners consortium acquires 100% of Kwangjin Chemical for KRW 263bn
- Deal value
- $181m
- Stake
- 100%
- Implied 100%
- $181m
- Revenue
- $60m
- Op. income
- $9m
- Multiples
- EQV/EBIT 20.5xPSR 3.0x
Deal value ÷ stake (structure unconfirmed)
2022 별도 · DART-verified
2022 별도 · DART-verified
On implied equity value
DART 20230403002980
- Target
- Kwangjin Chemical · Chemical waste recycling
- Buyer
- Affirma Capital / The Hahm Partners consortium · FI
- Seller
- Existing shareholders (100%)
- Structure
- —
- Announced
- Aug 4, 2023
- Closed
- —
- Stage
- Closed
Target
A chemical-waste recycler with 35 years of history that collects spent chemicals from semiconductor fabs such as Samsung Electronics and SK hynix and recovers products such as sulfuric acid and caustic soda. Samil PwC describes it as Korea's No. 1 chemical-waste processor.
Deal rationale
Per Dealsite, Affirma Capital has pursued bolt-on acquisitions in the waste sector; after investing KRW 250bn with The Hahm Partners to buy Kwangjin Chemical in May 2023, it reportedly pursued peer Semyung Tech for synergies. The seller's stated reason was not found in the sources reviewed.
| Revenue | $60m |
| Operating income | $9m |
| EBITDA | — |
| Net income | — |
2022 별도 · DART-verified · 20230403002980
Press coverage
- 삼일PwC 자문실적 (2023-08-04): “약 2,630억원에 매각”
- 헤럴드경제 (2025-07-28): “지난 5월 더함파트너스와 함께 2500억원을 투자해 인수한 회사가 광진화학”
- 딜사이트 (2023-07-06): “지난 5월 더함파트너스와 함께 2500억원을 투자해 인수한 동종업체인 광진화학과의 시너지 효과를 노리겠다는 의도다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.