This article was published on April 14, 2025, at 4:42 p.m. on the ChosunBiz MoneyMove website.

South Korean private equity firm Well to Sea Investment will acquire the management rights of SI FLEX, a manufacturer of flexible printed circuit boards (FPCB). The growth of the smartphone market, its oligopolistic market position, and the transfer of its factory to Vietnam are seen as factors that enhance investment attractiveness.

According to the investment banking industry on the 14th, Well to Sea Investment has recently signed a stock purchase agreement (SPA) to acquire SI FLEX and is proceeding with financing. The sale involves 85% of SI FLEX's equity, combining shares held by CEO Won Dong-il and related parties.

The sale price is expected to be in the range of 430 billion won. Well to Sea Investment plans to raise 70 billion won and 200 billion won through a blind fund and a project fund, respectively, with the remainder covered by acquisition financing and investments from the seller.

Excluding one-time expenses, SI FLEX's estimated earnings before interest, taxes, depreciation, and amortization (EBITDA) for last year are in the late 130 billion won range. Revenue and operating profit are estimated at 745 billion won and 60 billion won, respectively. The operating profit has increased by more than 77% compared to the previous year, which is attributed to Apple, the leading global premium smartphone company, joining the supply chain.

Founded in 1988, SI FLEX produces flexible printed circuit boards (FPCB) for cameras, displays, and general-purpose applications. The company has achieved rapid growth by expanding its volume with finished goods manufacturers and module component manufacturers. It has increased its scale with clients such as Samsung, Hyundai, LG, and Sony.

As a result of supplying products to major clients, including Samsung Electronics, for a long time, it is evaluated that the company maintains an oligopolistic position among domestic FPCB manufacturers. Since 2020, the production bases that were distributed across Korea, China, and Vietnam have been consolidated into the Vietnam factory, demonstrating high profitability.

FPCB (Flexible Printed Circuit Board) is a three-dimensional wiring circuit board in a thin and flexible film form. It has given flexible characteristics to the existing rigid PCB, contributing to the miniaturization and lightweight of electronic products. PCB is a substrate used to connect electronic components and construct electric circuits.