New private equity fund (PEF) manager True Blue Equity is pushing to acquire control of the integrated mobility corporations Humax Mobility. For its first investment since its founding, it picked Humax Mobility, which owns High Parking, Korea's largest parking lot operator.
On the 8th, according to the investment banking (IB) industry, True Blue Equity recently signed a memorandum of understanding (MOU) with Humax to acquire control of Humax Mobility. True Blue Equity is also pursuing a joint acquisition with another PEF manager and is said to be conducting due diligence.
The assets for sale are the Humax Mobility equity held by Humax, STIC Investments, and Brixton Private Equity (PE). The transaction size was understood to be under discussion.
Humax Mobility runs mobility businesses including electric vehicle charging, car sharing, maintenance and control, taxis, and designated drivers, centered on High Parking, Korea's No. 1 parking lot operator. Humax has brought in external financial investors (FIs) to expand the business, and STIC Investments and others have participated as major shareholders for years.
Humax Mobility initially sought to allow FIs to exit their investments through an initial public offering (IPO), but as the plan was delayed, it reportedly shifted to selling equity including management control. If this transaction is completed, existing shareholders will exit and the largest shareholder of Humax Mobility will also change.
True Blue Equity is a new PEF manager recently founded by Chief Executive Kim Tae-hoon. Kim worked at Woori Bank and KY Private Equity. If the Humax Mobility acquisition is finalized, it is expected to be recorded as the first buyout investment.