Hahn & Company (Hahn & Co 23) acquires 90.17% of Lutronic for KRW 957bn
- Deal value
- $660m
- Stake
- 90.17%
- Implied 100%
- $732m
- Revenue
- $182m
- Op. income
- $38m
- Multiples
- EQV/EBIT 19.2xPSR 4.0x
Deal value ÷ stake (structure unconfirmed)
2022 연결 · DART-verified
2022 연결 · DART-verified
On implied equity value
DART 20230322001031
- Target
- Lutronic · Aesthetic medical devices
- Buyer
- Hahn & Company (Hahn & Co 23) · FI
- Seller
- CEO Hwang Hae-ryung (19.33%) and public shareholders via tender offer
- Structure
- —
- Announced
- Jun 9, 2023
- Closed
- —
- Stage
- Closed
Target
Lutronic develops, manufactures and sells aesthetic medical devices such as lasers for dermatology and plastic surgery. Listed on KOSDAQ in 2006, it has subsidiaries in the US, Germany, Japan and China, and overseas sales account for 89% of revenue.
Deal rationale
Hahn & Company said Lutronic had released proven, trend-leading products in skin and plastic surgery treatment for over 20 years, and cited growth in the global premium aesthetic device market, population aging and rising purchasing power among younger consumers. It said it would buy the 19.33% stake of largest shareholder CEO Hwang Hae-ryeong, then tender for the remaining shares to delist the company voluntarily and make it a wholly owned subsidiary. Hwang said the partnership would be an important turning point for Lutronic to become a global leader.
| Revenue | $182m |
| Operating income | $38m |
| EBITDA | — |
| Net income | — |
2022 연결 · DART-verified · 20230322001031
Press coverage
- 아시아경제 (2023-06-09): “루트로닉 지분 78% 공개매수‥최대 9570억 투자”
- 히트뉴스 (2023-06-09): “공개매수 포함 약 1조 규모”
- 스마트투데이 (2023-06-09): “7700억원에 공개매수 ..주당 3만6700원”
- 바이오스펙테이터 (2023-06-09): “연결기준 지난해 매출액은 2641억원, 영업이익 553억원을 기록해 전년대비 각각 52.1%, 86.1% 증가했다”
- 메디칼타임즈 (2023-07-21): “공개매수를 통해 약 85.8%의 지분을 확보… 2차 공개매수”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.