Keistone Partners to acquire 100% of Gayoung / Sungchang Ceramics for KRW 280bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $193m
- Stake
- 100%
- Implied 100%
- $193m
- Revenue
- $64m
- Op. income
- $17m
- Multiples
- EQV/EBIT 11.5xPSR 3.0x
Deal value ÷ stake (structure unconfirmed)
2023 · Single report, unverified
2023 · Single report, unverified
On implied equity value
- Target
- Gayoung / Sungchang Ceramics · Imported building materials (ceramic tile) distribution
- Buyer
- Keistone Partners · FI
- Seller
- Skylake Equity Partners
- Structure
- —
- Announced
- Jan 24, 2025
- Closed
- —
- Stage
- Signed
Target
Gayoung Ceramics and Sungchang Ceramics are wholesalers/retailers of imported building materials (ceramic tiles). Founded in 2004, Gayoung introduced European large-format 'big slab' tiles to Korea and sources them on an OEM basis from European manufacturers.
Deal rationale
Per Dealsite, Skylake PE acquired both companies in 2019 for about KRW 200 billion and is exiting after roughly five years by selling 100% of the SPC SG Ceramics. Keistone is funding KRW 94 billion from its No.5 blind fund plus a KRW 145 billion project fund with Keistone Equity, with the balance reportedly provided by Sungchang's existing individual shareholders, CEO Jung Jun-wook and former vice president Kang Eung-gil.
| Revenue | $64m |
| Operating income | $17m |
| EBITDA | $17m |
| Net income | — |
2023 · Single report, unverified (not yet checked against DART)
Press coverage
- 딜사이트 (2025-02-07): “인수자금은 총 2800억원으로 알려졌다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.