This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:52 p.m. on Sept. 14, 2026.
As Taekwang Industrial pulled out of the Busan Equity Partners (Busan EP) consortium, creating a gap in funding for the Nexflex acquisition, the seller, MBK Partners, is being discussed as possibly injecting funds directly. Analysts said that for MBK Partners, which needs to speed up portfolio exits, this could be an option to see the transaction through to completion.
According to the investment banking (IB) industry on the 14th, Busan EP is preparing a financing plan with existing consortium members such as Shinhan Investment & Securities and ITEK(119830) following Taekwang Industrial's exit. The Busan EP consortium had initially pursued the Nexflex acquisition under a structure in which Busan EP and Shinhan Investment & Securities would serve as co-general partners (GPs), with Taekwang Industrial and ITEK participating as limited partners.
However, with Taekwang Industrial out, they now have to redraw the financing plan. While bringing in a new financial investor (FI) is being discussed as the first option for Busan EP, it is said to be difficult to secure additional investors in a short period.
Busan EP is also said to be internally reviewing a plan to use bridge-style financing to keep the transaction moving. The idea is to raise the immediate shortfall in acquisition funds with a bridge loan and later secure additional investors to shore up the capital structure. In this process, one option being mentioned to fill the final funding gap is a re-investment by MBK Partners.
Specifically, after Busan EP acquires Nexflex, MBK Partners would reinvest a portion of the sale proceeds into the Busan EP consortium. While it differs from a typical transaction structure in that the seller would reinject part of the sale proceeds into the buyer, analysts said it could be considered as an option because it can make up the funding shortfall and increase the likelihood of closing.
MBK Partners also has no small incentive to choose this approach. The exits of domestic portfolio companies such as Lotte Card and Golfzon County have recently dragged on, delaying exits across the board. As it is time to sequentially realize major assets of the fourth buyout fund, the burden can only grow the longer the sale of each asset is prolonged.
Nexflex, too, has already had one failed sale, so if a new bidder is sought and the transaction is restarted from scratch, the recovery timeline will be further delayed. In contrast, if the transaction is completed by partially filling Busan EP's funding gap, MBK Partners could accelerate its Nexflex exit even if it reinjects part of the proceeds. In other words, from a portfolio recovery standpoint, increasing the likelihood of closing the transaction may be more advantageous than prolonging the sale.
That said, whether MBK Partners will reinvest, the size, and the specific structure have not been decided. There is also a possibility that Busan EP will close the funding gap on its own by using a bridge loan or securing additional investors. MBK Partners' role is expected to be determined by Busan EP's future financing status and the terms of acquisition financing.
An industry official said, "We understand Busan EP is internally reviewing various options, including using a bridge loan," and added, "However, if funding is ultimately short, having MBK Partners put some money back in will also be one of the options to get the transaction done."