BDA advises Doosan on sale of Mecatec to Bumhan and Metistone
Divested Doosan Mecatec to a consortium of Bumhan Industries and Metistone
BDA Partners is pleased to announce that its client, Doosan Enerbility (“Doosan”), has agreed to sell Doosan Mecatec to a consortium of Bumhan Industries, a leading Korean air compressor manufacturer, and Metistone Equity Partners, a Korean value-improvement private equity firm.
BDA was the exclusive financial advisor to Doosan on the transaction.
The purpose of the sale is to speed up Doosan’s transformation into an environmentally friendly energy company, and to enhance the soundness of its financial structure. The transaction is expected to close in July.
Mecatec is a globally leading manufacturer of chemical process equipment (“CPE”) for the chemical and energy sectors. Following the completion of the transaction, Bumhan plans to integrate Mecatec’s technologies (CPE and hydrogen liquefaction) with its existing business (air compressors and hydrogen fuel cells) to achieve synergies for sustainable growth.
Howard Lee, Partner and Head of BDA Seoul, said: “We’re pleased to help Doosan take another step toward its higher tech, ESG-oriented future, by finding a good home for Mecatec, an excellent business, which will enjoy strong strategic logic within Bumhan, as well as capital benefits from Metistone. BDA has a good record in the Korean industrial arena, and in helping blue chip Korean chaebols reposition themselves globally.”
About Doosan Mecatec
Established in 1964, Doosan Mecatec has supplied the total range of CPE (Chemical Process Equipment) including static equipment for oil, gas, and petrochemical plants, such as pressure vessels, reactors and heat exchangers. The CPE manufactured by Mecatec is rated as global No.1 in ultra-large/large-scale pressure vessels. Mecatec is strengthening its market position in the renewable energy market with its cutting-edge carbon capturing technology. www.doosanmecatec.com/en
About Doosan Enerbility
Doosan Enerbility [KRX:034020], formerly known as Doosan Heavy Industries & Construction, is a unit of conglomerate Doosan Corporation [KRX:000150]. Doosan Enerbility has supplied integrated solutions for power generation, energy, and desalination plants in 40 countries around the world. With its proven expertise in the energy industry, Doosan strives to create a better future by bringing more sustainable energy solutions to the world. It has an order backlog of US$11bn. www.doosanenerbility.com/en
About Bumhan Industries
Established in 1990, Bumhan Industries mainly produces onshore/offshore high-pressure air compressors and retains the No. 1 market share in the Korean air compressor market. Bumhan is also engaged in the production and sale of fuel cells for military and civilian use through Bumhan Fuel Cell, and possesses proprietary technology for submarine fuel cell module production. Bumhan is proactively transforming to become a company that specializes in renewable energy, driving the hydrogen fuel cell business, its future growth engine. bumhan.com/en
About Metistone Equity Partners
Established in 2014, Metistone Equity Partners is known for actively engaging in corporate value improvement activities, including financial structure and financial status, through the acquisitions of TNP (the leading producer of mold tools), IntroMedi (medical equipment company), Settlebank (payment company) and CoAsia (supplier of system semiconductor solutions). Metistone’s LPs include KDB, Woori Financial Group, and NH Nonghyup Group. www.metistone.com
About BDA Partners
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.
US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com
Acquired by Edgewater Capital Partners
Divested AGC Flat Glass to Shanghai Yaohua Pilkington Glass
Divested Doosan Enpure to SKion Water
Divested Niigata fab to Mercuria, Sangyo Sosei, Fukuoka Capital
Acquired by Indorama Ventures
Divested Isuzu Glass to Basic Capital Management
Divested Toshiba Transmission & Distribution Europe to Mutares
Acquired NEC Energy Solutions from NEC Corporation
Divested ASG Print to GPA Global and EQT
Divested Doosan E&C to a private equity consortium
Divested Walbro to Landon Capital & Nova Capital
Divested PCI Limited to Celestica Inc
Divested India business to IMC Swarnaa Ventures Pvt Ltd
Divested majority stake in STS Group to Adler Pelzer Group
Divested 100% stake to a leading European water company
Divested 70% stake to SCG Packaging
Divested Compart Systems to Shanghai Wanye Enterprises
Established JV with Superior Essex
Divested ThiPha Cable and Dovina to Stark Corporation
Divested Nagano Industry to JAFCO