SEOUL, KOREA - A competition to take over Dongbu Express, land and sea logistics service provider, is fought among ten suitors. International private equity fund firms such as CVC Capital Partners, Kohlberg Kravis Roberts & Co. LP, and the Carlyle Group and domestic financial investors are showing keen interest in the company. One of the most notable reasons for attractiveness is that Dongbu Express has a stable stream of income with about 45 billion won in EBITDA last year.
The current largest stakeholder in Dongbu Express is Dongbu Construction with a 50.01-percent stake, followed by Gaia Dbex (49.99%), a special-purpose corporation established by KDB Capital and Shinhan Capital.
Gaia Dbex has a tag-along right to sell its minority stake at the same price when Dongbu Construction sells its stake in Dongbu Express.
Investment banking industry observers estimate that the sales price would be in the range of 300 to 350 billion won. A private equity fund manager said, "The customary selling price of a logistics company is seven times of its EBITDA. GIven the company's EBITDA is 45 billion won, the sales price would be a bit higher than 300 billion won." It was reported Dongbu Group's asking price was above 350 billion won.
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