This article was published on May 29, 2025, at 3:57 p.m. on the ChosunBiz MoneyMove site.
Private equity firm BNW Investment is pursuing the acquisition of management rights for Chemitech, which manufactures semiconductor inspection equipment parts. The company's value is estimated at about 200 billion won.
According to the investment banking (IB) sector on the 29th, BNW Investment is negotiating with the sellers to acquire management rights in Chemitech. The goal is to sign a stock purchase agreement (SPA) in July.
Chemitech is a company founded in 2003. It develops, manufactures, and sells connectors, cable assemblies, and mechanisms, which are crucial components of semiconductor inspection equipment. Chemitech's products are being applied in semiconductor reliability testing equipment for SK hynix. The company holds numerous patents related to connection systems for semiconductor testing devices.
Last year, the revenue was 48 billion won, and the operating profit was 31 billion won. The operating profit margin reached 64.6%. In the previous year (2023), the operating profit was only 8.7 billion won, but it surged 3.5 times in just one year.
Chemitech's current largest shareholder is CEO Park Jun-eon. He holds 95.3% of the equity.
BNW Investment is reportedly set to acquire more than 60% of the equity held by CEO Park. The specific size and value of the equity target for acquisition have not yet been finalized, and the parties are currently in the final stages of negotiating the terms.
Currently, the stock prices of semiconductor materials, components, and equipment companies in the market are forming between a price-to-earnings ratio (PER) of the late 10s to mid-20s based on this year's earnings forecasts. In the case of Chemitech, since the net profit last year was 26 billion won, if it is sold for 200 billion won, the PER would be approximately 7.7.
Domestic strategic investors (SI) and financial investors (FI) are actively acquiring semiconductor materials and parts companies. NAU IB Capital acquired the Japanese semiconductor materials company SunPro Logistics System (SFSJ) for 255 billion won, with the Industrial Bank participating by supporting 30 billion won, which drew attention. LED specialist company Cloud Air acquired semiconductor deposition equipment company SME for 26.5 billion won.