This article was displayed on the ChosunBiz MoneyMove (MM) site at 9:43 a.m. on Jul. 3, 2026.
As MBK Partners is pushing to sell control of NexFlex, a manufacturer of flexible copper-clad laminate (FCCL), the Growth Capital institutional sector of STIC Investments is weighing partner selection between Taekwang Group and Affirma Capital. STIC has formed a consortium with Affirma for now, but if Affirma ultimately decides not to join the bidding, it is keeping open the option of teaming up with Taekwang Group and continuing discussions.
According to the investment banking (IB) industry on the 3rd, STIC has formed a consortium with Affirma to acquire NexFlex and is conducting on-site due diligence. Affirma is said to have proposed an acquisition price of around 800 billion won. It is continuing due diligence with the goal of submitting a binding offer by the second week of this month.
However, whether Affirma will go the distance is not certain. If on-site due diligence takes longer than expected, it may ask the seller to extend the deadline for submitting a binding offer. If issues remain unresolved during due diligence, there is talk it could pull out of the bidding. For this reason, STIC is also said to be simultaneously reviewing the possibility of joining hands with Taekwang Group in case Affirma does not participate in the bidding.
Taekwang Group is also said to have largely firmed up its willingness to join the bidding under STIC's persuasion. According to the industry, at the level of Jeong In-cheol, CEO of Taekwang Industrial, a direction has already been set to pursue the acquisition of NexFlex. Even if Taekwang Industrial does not directly jump into the bidding, a plan was reportedly discussed for it to participate as a limited partner (LP) in the project fund to be set up by the Affirma–STIC consortium.
NexFlex produces electronic materials including FCCL. The fact that Apple is a major customer has helped boost its valuation in the sale process. The market even projected that the sale price could rise to 900 billion won. At the same time, however, the high dependence on Apple is a major concern for potential buyers.
In particular, the market sees as a burden that the transaction structure between NexFlex and Apple is closer to one-off, spot contracts where volumes are set by demand and product cycles, rather than stable sales based on long-term supply agreements. Even if Apple-driven sales are currently supporting results, there is no guarantee Apple will continue to allocate the same level of volume in the future. Given the characteristics of electronic components and materials companies, some note that changes in customers' models, supply chain reshuffles, or pricing pressure could shake sales scale and profitability in a short period. Some potential buyers that had reviewed acquiring NexFlex are said to have hesitated to join the bidding due to these risks.
For now, multiple potential buyers view NexFlex positively, so competition among bidders is expected to persist until the end. In addition to Affirma, which is in due diligence, STIC, which has strong acquisition intent, and Taekwang Industrial, which seeks to participate directly or indirectly, Busan Equity Partners (EP) is also said to be in ongoing communication with the sell-side after submitting a letter of commitment (LOC).
The industry sees a very high possibility that NexFlex's earnings before interest, taxes, depreciation and amortization (EBITDA) will exceed 100 billion won this year. Last year's EBITDA was 85.1 billion won, up 84% from the previous year.