IMM Private Equity acquires 100% of United Terminal Korea for KRW 300bn
- Deal value
- $207m
- Stake
- 100%
- Implied 100%
- $207m
- Revenue
- $30m
- Op. income
- $10m
- Multiples
- EQV/EBIT 21.6xPSR 6.9x
Deal value ÷ stake (structure unconfirmed)
2022 연결 · DART-verified
2022 연결 · DART-verified
On implied equity value
DART 20230331004540
- Target
- United Terminal Korea · Liquid-bulk tank terminals
- Buyer
- IMM Private Equity · FI
- Seller
- Macquarie PE / Macquarie Asset Management
- Structure
- —
- Announced
- Jan 24, 2024
- Closed
- —
- Stage
- Closed
Target
United Terminal Korea (UTK) operates tank terminals at the port of Ulsan that store liquid cargo such as petroleum and petrochemical products, earning storage fees from B2B customers.
Deal rationale
According to reports, Macquarie PE bought UTK in 2017 for about KRW 100bn and grew it through terminal expansion and bolt-on acquisitions, lifting revenue/operating profit from KRW 15.6bn/6.4bn at entry to KRW 43.3bn/13.9bn in 2022 before selling. IMM PE was reported to have invested because of the company's stable B2B-based earnings, funding the deal from its blind fund Rose Gold No. 5.
| Revenue | $30m |
| Operating income | $10m |
| EBITDA | $17m |
| Net income | — |
2022 연결 · DART-verified · 20230331004540
Press coverage
- 딜사이트 (2024-01-24): “IMM PE는 최근 UTK 지분 100%를 보유한 맥쿼리PE와 주식매매계약(SPA)을 체결했다”
- 아시아경제 (2024-03-19): “올해 초 IMM PE는 맥쿼리자산운용으로부터 약 3000억원에 UTK를 인수했다.”
- 더팩트 (2024-01-20): “맥쿼리PE는 지난 2017년 약 1000억 원을 투자해 UTK를 인수했다.”
- 시사뉴스 (2024-01): “기업 간 거래를 기반으로 수익을 내는 안정적인 사업을 영위하고 있다는 점에 주목해 투자를 결정했다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.