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 flexible copper-clad laminate (FCCL) maker, the STIC Investments institutional sector 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 leaving open the option of teaming up with Taekwang Group and continuing talks.
According to the investment banking (IB) industry on the 3rd, STIC is currently conducting on-site due diligence after forming a consortium with Affirma to acquire NexFlex. Affirma is said to have proposed an acquisition price of around 800 billion won. The parties are continuing due diligence with the goal of submitting a binding offer by the second week of this month.
However, Affirma's commitment to go the distance is not certain. If the 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 that 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 been largely persuaded by STIC to participate in the bidding. According to the industry, senior management at Taekwang Industrial has already decided to pursue the acquisition of NexFlex. Even if Taekwang Industrial does not enter the bidding directly, discussions reportedly extended to participating as a limited partner (LP) in a project fund to be created by the Affirma–STIC consortium.
NexFlex produces electronic materials such as FCCL. Having Apple as a major customer has helped boost its valuation during the sale process. The market even projected that the sale price could rise to 900 billion won. At the same time, however, its high dependence on Apple is a major concern for potential buyers.
In particular, the market views as a burden that the transaction structure between NexFlex and Apple is closer to one-off, spot contracts, where volumes are set according to demand and product cycles, rather than stable sales based on a long-term supply contract. Even if Apple-related sales are currently supporting results, there is no guarantee Apple will continue allocating the same level of volumes in the future. Given the characteristics of electronic component and materials companies, sales scale and profitability can be shaken in a short time by model changes at customers, supply chain reorganizations, or price-cut pressures, observers said. Some potential buyers that reviewed acquiring NexFlex are also 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 continue until the end. In addition to Affirma, which is conducting 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 have submitted a letter of commitment (LOC) and to be in ongoing communication with the sell side.
The industry sees a very high chance that NexFlex's EBITDA will exceed 100 billion won this year. Last year's EBITDA was 85.1 billion won, up 84% from the previous year.