Hahn & Co continuation fund (Coller Capital consortium as lead investor) acquires 77.68% of Ssangyong C&E 77.68% stake (GP-led continuation fund) for KRW 1.97tn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $1.4bn
- Stake
- 77.68%
- Implied 100%
- $1.7bn
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- Ssangyong C&E 77.68% stake (GP-led continuation fund) · Cement & environmental (waste-to-resource)
- Buyer
- Hahn & Co continuation fund (Coller Capital consortium as lead investor) · FI
- Seller
- Hahn & Co Fund I
- Structure
- —
- Announced
- Jun 20, 2022
- Closed
- —
- Stage
- Closed
Target
Ssangyong C&E (formerly Ssangyong Cement) is a Korean cement maker that has been repositioning itself as an environmental company, with an ESG committee and a target of zero bituminous coal use in cement production by 2030.
Deal rationale
Reports said Hahn & Company bought a 46.14% stake in Ssangyong Cement for about KRW 883.7bn in 2016 through its first blind fund, then added a KRW 100bn rights offering and Taiheiyo Cement's 32.36% stake (KRW 454.8bn) for a total investment of KRW 1.4375tn, reaching 77.68%. Hahn & Co said it formed a US$1.5bn (about KRW 1.97tn) continuation fund and transferred the stake from the first fund via a GP-led secondary with a Coller Capital-led consortium as the main investor, describing it as Asia's largest fund of its kind for long-term asset holding. Asia Economy reported the move was seen as a way to keep a quality asset long term amid rate hikes and the Ukraine conflict, with existing LPs such as NPS able to exit or reinvest.
Press coverage
- 더팩트 (2022-07-30): “15억 달러(약 1조9700억 원) 규모의 컨티뉴에이션펀드”
- 이데일리 (2022-12-31): “약 15억달러(한화 약 1조9000억원)에 인수했다”
- 아시아경제 (2022-06-20): “쌍용C&E를 컨티뉴에이션 펀드에 매각하는 방식이다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.