IMM Private Equity (IMM PE) and the IMM Investment Consortium have completed the acquisition of Ecobit.
According to the investment banking (IB) industry on the 13th, the IMM Consortium paid 2.07 trillion won to TY Holdings, the holding company of Taeyoung Group, and Kohlberg Kravis Roberts (KKR) the previous day, finalizing the transaction.
The IMM Consortium, which signed a stock purchase agreement to acquire 100% equity of Ecobit in August, completed the acquisition four months later, with IMM PE and IMM Investment responsible for 65% and 35% of the acquisition amount, respectively.
Ecobit is the largest comprehensive environmental company in South Korea, operating various waste treatment businesses, including water treatment, incineration, and landfill. It recorded 699.6 billion won in revenue and 225 billion won in earnings before interest, taxes, depreciation, and amortization (EBITDA) last year.
The IMM Consortium aims to enhance Ecobit's corporate value through active facility investments in its existing business areas of water treatment, landfill, and incineration, as well as through the expansion of new businesses.
The IMM Consortium noted, 'Based on digital transformation and the introduction of eco-friendly technologies, we will transform Ecobit into a future-oriented company leading the environmental business.'