S Korean buyout firm VIG Partners to sell HiParking in $140m deal

Reuters photo

South Korean buyout fund VIG Partners has signed an agreement to sell 100 per cent interest in car park management firm HiParking to Plat, a subsidiary of a public company Humax, in a $140.2-million deal (170 billion Korean won), according to a press statement.

VIG Partners invested in HiParking in mid-2016 through its Fund II. The fund expects to record a multiple of 3.2x on its total investment of 30 billion Korean Won, per the statement.

The deal is expected to close by the end of October.

Plat, the local operator of car-sharing service platform Carplat, is a subsidiary of South Korean-listed solution provider of the smart home and automotive infotainment Humax. Following the acquisition, HiParking’s name will be changed to Humax Mobility.

VIG managing partner Chulmin Lee said, in the statement, “HiParking has been a market-leading player in the parking management industry in Korea since VIG’s acquisition. VIG further solidified its dominant position by acquiring the competitor, Wilson Parking Korea (currently named Hi City Parking), in December 2018. VIG was convinced that the parking management service will serve as a bedrock to the mobility platform services in the near future.”

Aside from this exit process, VIG Partners is also in the final close of fund IV which is expected around $800 million. VIG Partners, which was set up in 2005, invests in small and medium-sized enterprises across a range of industries such as financial services, consumer goods, online and mobile commerce, and household appliances.

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. 
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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.