VIG Partners Agrees to Sell HiParking to Humax for USD140 Million
Posted On: 30 Aug 2019 | Source(s): Asian Venture Capital Journal | Date: 30 August 2019 | Author(s): Tim Burroughs
Korea-focused private equity fund manager VIG Partners has agreed to sell HiParking, a Korea-based manager of car parks, to Humax, a Korea-based consumer electronics manufacturer, for KRW170 billion (approximately USD140 million). VIG, which reportedly expects the exit to generate a 3.2x return multiple, initially invested KRW27 billion (USD24 million) for an 83 percent stake in HiParking in April 2016, followed by a KRW35 billion (USD31 million) investment to acquire the remaining 17 percent stake in November 2018. The transaction is expected to close in October 2019.