This article appeared on the ChosunBiz MoneyMove (MM) site at 4:28 p.m. on Feb. 11, 2026.
Domestic private equity firm Busan Equity Partners (Busan EP) is pursuing the acquisition of Nexflex, but observers say it will not be easy to raise the roughly 850 billion won required because it has no blind funds and lacks extensive experience acquiring control of companies.
According to investment banking industry sources on the 11th, Busan EP is pursuing the acquisition of 100% equity of Nexflex, a manufacturer of flexible copper clad laminates (FCCL) for smartphones, which is owned by MBK Partners. MBK Partners has focused more on managing and selling its existing portfolio rather than acquisitions after the Homeplus Co. and Lotte Card incidents.
Because the price of Nexflex reaches 850 billion won, the market has expressed doubts about Busan EP's ability to close the transaction. Busan EP, founded in 2021, is a relatively young private equity firm and has no blind funds. Even if acquisition financing is used, it would need to raise about half the transaction amount as a project fund.
Analysts say that not only its short operating history but also its limited buyout (management control acquisition) experience could hold it back. Busan EP acquired and sold the auto parts maker Javes Korea Electric and also acquired the corporate professional driver service company "Good Service," but its past deal sizes were only in the hundreds of millions of won.
Busan EP recently considered investments in KOSDAQ-listed companies with market capitalizations below 100 billion won, such as JK Synapsis (formerly Sonid), Davolink, and RFTtech, but withdrew from all of them. KOSDAQ-listed ITEK and AI semiconductor startup Rebellions were also minority equity investments.
There was speculation that Busan EP is a subsidiary of Busan Ventures and affiliated with BNK Financial Group, but that is said to be untrue. A BNK Financial Group official said, "Busan Bank did make an investment in Busan Ventures for regional revitalization, but its equity stake is below 10% and it is only the fourth-largest shareholder," adding, "It is difficult to view it as an affiliate." It is also reported that among the figures connected to Busan EP is someone who has long been active in the KOSDAQ mergers and acquisitions (M&A) market.
An investment banking industry official said, "From the standpoint of limited partners (LPs) or acquisition financing arrangers, investment is likely only if they believe the manager can acquire assets and increase corporate value," noting, "In that respect, managers with short track records and short operating histories are at a disadvantage."
Nexflex is an FCCL manufacturer used in flexible printed circuit boards (FPCB), a core component of electronic devices such as smartphones, and counts Apple and Samsung among its major customers in the global market. SkyLake acquired it for about 110 billion won in 2018, and in 2023 MBK Partners acquired 100% equity for about 530 billion won.
Last year Nexflex posted sales of 269 billion won and earnings before interest, taxes, depreciation and amortization (EBITDA) of 85.3 billion won. Analysts say the strong performance of Apple's iPhone 17 series led to the improvement in results. As of the end of 2025, it has no borrowings, and it holds 47 billion won in cash and cash equivalents.