Private equity fund (PEF) manager Bain Capital disposed of about 8% equity in CLASSYS through an after-hours block trade.
According to the investment banking (IB) industry on the 25th, Bain Capital on the morning sold 5.4 million common shares of CLASSYS (8.24% equity) held through the special-purpose company (SPC) BCPE Centur Investments, LP in a block deal.
The sale price was set at 60,000 won per share, reflecting an 11% discount to the previous day's closing price of 67,400 won per share. The total block deal amounted to 324 billion won. JPMorgan arranged the sale.
CLASSYS develops and supplies the focused ultrasound (HIFU) treatment device "Shurink Universe," which restores elasticity by contracting the skin with high-intensity ultrasound energy.
Earlier in 2022, Bain Capital became the largest shareholder by acquiring 60.84% equity of CLASSYS, a medical aesthetic device specialized corporations, for 670 billion won. It then expanded its size by absorbing and merging peer corporations including Ilooda.
In particular, the block deal reportedly drew demand from overseas institutional investors exceeding 1 trillion won. Expectations for CLASSYS's overseas expansion have aligned with growth in the medical aesthetic device market.
Expectations are also growing for a blockbuster exit by Bain Capital. Last year, it sold 3.93 million common shares (5.93%) in a block deal, cashing in 227.5 billion won. Including dividends, it is said to have recovered its principal investment.