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[Alpha Biz=(Chicago) Reporter Paul Lee] Global private equity fund operator Kohlberg Kravis Roberts (KKR) has become the new owner of Taeyoung Industries, which has been in charge of logistics within Taeyoung Group. The sale is worth 240 billion won in total.
According to Maeil Business on the 4th, KKR finally signed a contract to sell and buy Taeyoung Industries with Taeyoung Group Chairman Yoon Seok-min's family and TY Holdings.
Taeyoung Industries has been in charge of logistics within Taeyoung Group since 1990. Based in Pyeongtaek and Ulsan, it has long generated stable profits by operating grain silos, liquid cargo terminals and docking facilities.
Last year, Taeyoung Industries' sales and operating profit were 39.4 billion won and 9.5 billion won, respectively. Taeyoung Construction Chairman Yoon Seok-min (32.34%) and his younger sister Yoon Jae-yeon, CEO of Blue One (27.66%), own 60% of the stake and TY Holdings, the holding company of Taeyoung Group, owns 40%.
The total selling price of Taeyoung Industries is known to be 240 billion won. TY Holdings, the holding company of Taeyoung Group, which owns a 40% stake, shares KRW 96 billion and the Yoon family, which holds the remaining stake, shares KRW 144 billion.
KKR, along with Taeyoung Industries, also bought a stake in Pyeongtaek Psy, a 100% subsidiary of TY Holdings. Pyeongtaek Psy, which was sold in this contract, has a total stake of 37.5% and a sale price of 60 billion won. As it has a business similar to Taeyoung Industries, it is interpreted as a strategy to increase valuation (corporate value) by tying it to bolt-on.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
