PE firm seeks to sell S Korean packaging materials maker Techpack Solutions
28 October 2013
MBK Partners is planning to sell its entire 100-per cent stake in South Korea's packaging materials maker Techpack Solutions Co Ltd, in a deal that may fetch the country's largest private equity firm more than $400 million.
MBK acquired Techpack in 2008 from Doosan Co Ltd for 392 billion won ($339.8 million).
Seoul-based Techpack is the leading manufacturer of beverage packaging products in South Korea. It is the largest beverage packager in Korea and holds a 40 per cent share of the glass bottle market.
Apart from being the country's largest manufacturer of glass bottles, the second largest maker of plastic bottles and the third largest cans manufacturer.
The company has a strong domestic customer base, supplying to most of Korea's major beverage companies - both alcoholic and non-alcoholic.
It recorded sales of 341.6 billion won and operating profit of 15.6 billion won ($13.5 million in 2012.
With over $8 billion in capital under management, MBK Partners focuses on buyouts in Korea, Japan and China.
The buyout firm has 20 investee companies in its portfolio, with over $5.8 billion in aggregate revenues and 292,000 employees.