MBK Partners acquires 100% of Nexflex for KRW 530bn
- Deal value
- $366m
- Stake
- 100%
- Implied 100%
- $366m
- Revenue
- $140m
- Op. income
- $51m
- Multiples
- EQV/EBIT 7.2xPSR 2.6x
Deal value ÷ stake (structure unconfirmed)
2022 별도 · DART-verified
2022 별도 · DART-verified
On implied equity value
DART 20230405002328
- Target
- Nexflex · Flexible copper-clad laminate (FCCL) materials
- Buyer
- MBK Partners · FI
- Seller
- Skylake Equity Partners
- Structure
- —
- Announced
- Mar 16, 2023
- Closed
- —
- Stage
- Closed
Target
Nexflex, spun out of SK Innovation's FCCL division, is Korea's largest maker of flexible copper-clad laminate used in flexible printed circuit boards for smartphones and other IT devices, supplying Samsung Electronics and Apple among others.
Deal rationale
Seller Skylake had acquired SK Innovation's FCCL business in 2018 via business transfer for about KRW 100bn (InvestChosun) through its 10th blind fund (KRW 627.7bn, 2016), and was reported to recover more than 5x its investment (Seoul Economic Daily). A 2022 public sale saw JCGI named preferred bidder at the KRW 600bn range before failing on financing, and a Welltwo-Woori PE consortium also withdrew, after which MBK bought the company. Hankyung reported the view that MBK judged FCCL growth still strong; no official rationale from either party was reported.
| Revenue | $140m |
| Operating income | $51m |
| EBITDA | — |
| Net income | — |
2022 별도 · DART-verified · 20230405002328
Press coverage
- 인베스트조선 (2023-03-17): “인수 대상은 넥스플렉스 지분 100%고 인수가는 약 5300억원이다”
- 서울경제 시그널 (2023-03-17): “MBK파트너스, 넥스플렉스 5300억원에 인수”
- 한국경제 (2023-03-17): “넥스플렉스 5300억원에 인수 계약 체결”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.