S Korean PE firm STIC said to invest $843m in electric foils maker Iljin

South Korean private equity firm STIC Investments is reportedly set to soutinvest 1 trillion won ($843 million) in electric foil manufacturer Iljin Materials as the latter seeks to expand its operation in Malaysia, the US and Europe.

The investment will include 560 billion won from STIC’s co-investment fund and another 500 billion won from an acquisition financing, Korean media reports stated, citing a STIC announcement.

Limited partners of STIC such as the National Pension Service, Korea Teachers’ Credit Union, Public Officials Benefit Association, Korea Post and others, were said to participate in the co-investment fund.

Meanwhile, Korea Development Bank and Kookmin Bank are reportedly bookrunners for the acquisition financing, and Shinhan Bank is an underwriter.

STIC will invest 400 billion won in IMG Technology, a holding company for Iljin’s overseas units, and 600 billion won in Iljin’s European affiliate, per a report on the Korea Economic Daily.

Iljin is looking to use the funding to build two more production lines in Malaysia, four more in Europe, and another two in the US, stated reports.

In 2019, the provider of electric foils for the battery and electronics industry was also reported to receive 600 billion won from the STIC Special Situation Fund 2.

Iljin says on its website that it targets to achieve $1 billion in revenues by 2025.

STIC is active not only in its home country but also across international markets including South and Southeast Asia. The firm invests across various sectors such as industrials, business services, ICT, bio and healthcare, consumer and consumer Technology, and games and entertainment.

Its portfolio companies in South and Southeast Asia, in addition to Iljin Malaysia, include Vietnam’s e-commerce firm Tiki and diversified group Masan, and Indian on-demand delivery and errand services platform Dunzo.

Last month, Korean media quoted a regulatory filing that STIC will list on the local stock market in December, following a merger with its parent company Digital Power Communications.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.