11 May 2018
BDA advises Laird and Crescendo on sale of Model Solution to Hankook Tire
Divested Model Solution to Hankook Tire
BDA Partners is pleased to announce that its clients, Laird PLC (“Laird”) and Crescendo Equity Partners (“Crescendo”), have agreed to divest a total 75% equity stake in Model Solution Co Ltd, a Korea- and US-based precision prototype manufacturer. The buyer is Hankook Tire Co Ltd. (“Hankook Tire”), which is based in Seoul, Korea and is the seventh largest tire company in the world.
Model Solution, with operations in both Seoul and Silicon Valley, designs and manufactures prototypes, with market leading expertise in precision prototyping, design support, tooling, low volume manufacturing and 3D printing. It services a wide range of industries, including aerospace, automotive, consumer, medical and industrial, with a diverse blue chip customer base that includes both global tech giants and unicorn start-ups.
The total consideration for the stakes being sold is KRW68.6bn (US$63.4m).
Laird will divest its entire 51% stake in Model Solution, while Crescendo will be divesting a 24% stake in this transaction. Laird and Crescendo acquired their equity stakes in April 2014.
Post-transaction, Crescendo will retain a 25% stake in Model Solution. Crescendo will remain as a partner to Model Solution and Hankook Tire, assisting the post-merger integration process. Crescendo is confident that Hankook Tire will enable further expansion of Model Solution’s product offering and customer base in the next stage of growth.
BDA acted as exclusive financial advisor to Laird and Crescendo.
This divestment has no impact on the process for the acquisition of Laird by Advent International, who have been informed of the transaction.
"We are happy to have secured an excellent outcome for both of our clients, to a high quality future controlling shareholder for Model Solution. BDA has built a good track record of closing complex, cross-border transactions in the industrial technology space, across Asia and globally, driving high-multiple successful outcomes for all the relevant stakeholders."
About Laird PLC
Laird is a global technology company providing systems, components and solutions that protect electronics from electromagnetic interference and heat, and that enable connectivity in mission-critical wireless applications and antennae systems. www.laird-plc.com
About Crescendo Equity Partners
Crescendo Equity Partners is a Korea-based private equity firm focused on blue-chip, mid-cap technology and manufacturing sector in Asia. Established in 2012, Crescendo is run by investment professionals with over 30 years of private equity experience. www.crescendoep.com
BDA Partners is a leader in cross-border investment banking involving Asia. BDA advises on M&A and capital raising. BDA has been consistently owned and managed by the same team since 1996. BDA has a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe, and Asia. BDA is headquartered in New York with offices in London, Dubai, Mumbai, Ho Chi Minh City, Singapore, Hong Kong, Shanghai, Seoul, and Tokyo. BDA was named Investment Bank of the Year 2017 by both The M&A Advisor and ACG New York. BDA formed partnerships with William Blair & Company in 2011 and Development Bank of Japan in 2017. www.bdapartners.com
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.
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 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
Divested Nippon Oil Pump to CITIC Capital
Divested Parador to HIL Limited
Divested its 49% stake in Mitsubishi Motors Philippines