24 November 2021
BDA advises Doosan on the sale of Doosan E&C to a private equity consortium
Divested Doosan E&C to a private equity consortium
BDA Partners is pleased to announce that its client, Doosan Heavy Industries & Construction Co Ltd (“DHIC”), has agreed to divest Doosan Engineering & Construction Co Ltd (“Doosan E&C”), a leading Korean construction company, to a private equity consortium jointly established by Q Capital Partners, SkyLake Equity Partners, Woori Private Equity, Eugene Asset Management, Shinyoung Securities, and a Doosan affiliate.
Doosan E&C is a mid-to-large scale construction company, engaged in housing and civil engineering, based on its prominent apartment brand “We’ve”. It has consistently been listed within the top 10 in Korean construction companies, over the last 10 years. Helped by the recent boom in real estate, Doosan E&C quickly regained profitability in H1 2021, showing significant progress in improving its operations through a decrease in unsold housings, an increase in order backlog, and the sale of insolvent business sites.
BDA Partners acted as advisor to Doosan on the transaction.
Howard Lee, Partner and Head of Seoul at BDA Partners, commented: “We’re proud to have advised Doosan on this successful divestment. This sale reinforces BDA’s strong record in the construction industry, contributes to the re-positioning strategy of Doosan Group, and demonstrates the depth of our relationships and experience in the Korean M&A market, connecting a construction company with private equity firms which specialize in business restructuring.”
Doosan Corp, founded 1896, is a Korean conglomerate engaged in the manufacture and sale of heavy equipment. Doosan operates through eight segments. Doosan Infracore produces construction equipment, engines and generators. Doosan Heavy Industry produces equipment for power plants, industrial equipment such as water treatment equipment. Doosan Construction involves in the construction of apartments and commercial buildings, roads and plants. The Industrial Vehicle Business Group manufactures forklifts and related parts. The Electronic BG produces electronic materials such as copper clad laminates (CCLs), organic light emitting diodes (OLEDs). The Mottrol BG manufactures hydraulic products such as pumps and defense products. The Information and Communication Business Unit develops Information Technology (IT) system. The Other segment engages in fuel cells and advertising business. Doosan has been consistently ranked as one of the world’s top 10 largest heavy equipment manufacturers. www.doosan.com
About Doosan E&C
Doosan Engineering & Construction Co Ltd provides civil engineering and architectural services. The Company constructs apartment complexes, commercial buildings, facilities, roadways, and subways. Doosan E&C was established in 1960 and has been making remarkable achievements in the fields of civil works, architecture to create a better world. Introduced in 2001, Doosan We’ve is a residential apartment brand, signifying the promise of Doosan E&C for happiness in living, a space with love and happiness, a must-have space, a cost-saving lifestyle, and where all life needs are resolved. https://www.doosanenc.com/en/
About the Private Equity Consortium
Q Capital Partners is a Korean private equity company engaged in venture investing, restructuring, and financial services. SkyLake Investment Co is a private equity firm in Korea focused on buyouts and growth investing, in companies with high growth potential in information and communications technology. Woori Private Equity Asset Management offers equity investment, stock issuance, and other services. Eugene Asset Management operates as an investment company in Korea. Shinyoung Securities Co provides brokerage, wealth management, trading, and investment banking services in Korea.
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 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 authorised 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
Divested AGC Flat Glass to Shanghai Yaohua Pilkington Glass
Divested Doosan Enpure to SKion Water
Divested Niigata fab to Mercuria, Sangyo Sosei, Fukuoka Capital
Divested Doosan Mecatec to a consortium of Bumhan Industries and Metistone
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 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
Divested Nippon Oil Pump to CITIC Capital