Korea-based private equity firm Eugene Private Equity (Eugene PE) and Woori Private Equity Asset Management (Woori PE) formed a consortium to acquire the industrial wire company Seoul Wire.
According to investment banking (IB) industry sources on the 3rd, the Eugene-Woori PE consortium recently signed a stock purchase agreement (SPA) to acquire the largest shareholder's equity. The deal closing has not yet occurred.
The acquisition price for the Eugene PE-Woori PE consortium is reported to be in the mid-100 billion won range. Seoul Wire is controlled by special affiliates, including CEO Lee Heo-seok, who holds 74.77%.
Industry cable manufacturer Seoul Wire is among the top seven mid-sized wire firms by revenue last year. Seoul Wire recorded a consolidated revenue of 270.2 billion won and an operating profit of 16.5 billion won in 2023.
The domestic wire market has about 70 competing companies. The top four firms (LS Cable, Daehan Cable, Gaon Cable, Iljin Electric) maintain revenues in the trillions of won, while Kyungshin Cable, Daewon Cable, Seoul Wire, Hanmi Cable, and Nexans Korea form a mid-sized group.