This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:45 p.m. on June 8, 2026.
Global private equity fund (PEF) manager Macquarie Asset Management is formally launching the sale of facilities management (FM) company S&I Corporation. It plans to hold a preliminary bid this month and begin securing potential buyers.
According to the investment banking (IB) industry on the 8th, Macquarie Asset Management plans to complete the preliminary bid for the sale of S&I Corporation within this month. The sale manager is JP Morgan, and the asset for sale is the 60% management-control equity in S&I Corporation held by Macquarie Asset Management's investment vehicle, Shincorporation Holdings.
S&I Corporation was established through a physical split of the FM division of D&O, formerly an LG Group affiliate. In Oct. 2021, D&O physically spun off its FM division to create a new entity, S&I Expert, and in Feb. the following year sold 60% of that entity's equity to Macquarie Asset Management for 360 billion won. S&I Expert later changed its name to S&I Corporation. The remaining 40% equity is still held by LG Group.
From Macquarie's standpoint, it is moving to exit and recover its investment four years after acquiring S&I Corporation.
The industry notes that S&I Corporation counts large conglomerate affiliates as clients and has stable cash flow. Facilities management has relatively low earnings volatility across economic cycles and the advantage of recurring revenue based on long-term contracts.
S&I Corporation has steadily improved its performance since it was acquired by Macquarie Asset Management. Revenue rose from 201 billion won in 2021 to 880.9 billion won last year. Over the same period, operating profit increased from 10.5 billion won to 49.6 billion won.
However, some say the success of the sale depends on valuation expectations. While FM is highly stable, it is not classified as a high-growth sector. There is also an assessment that, because fees and outsourced services account for a high share of external service costs, it is difficult to significantly improve the cost structure in a short period. Last year, fees and outsourced services accounted for about 78% of total expenses.
The total enterprise value of S&I Corporation discussed in the market is around 900 billion won. Considering that last year's earnings before interest, taxes, depreciation and amortization (EBITDA) was in the low 60 billion won range, applying a 15x multiple would be needed to justify that valuation. The sale price for Macquarie's equity is estimated to be around 600 billion won.