Macquarie Asset Management (MKIF) acquires 100% of Haeyang Energy / Seorabeol City Gas for KRW 820bn

SI Energy & Materials City gas distribution (regulated infrastructure)

Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.

Deal value: $566m
Stake: 100%
Implied 100%: $566m
Revenue: $359m
Op. income: $16m
Multiples: EQV/EBIT 36.4xPSR 1.6x

Target: Haeyang Energy / Seorabeol City Gas · City gas distribution (regulated infrastructure)
Buyer: Macquarie Asset Management (MKIF) · SI
Seller: Glenwood Private Equity
Structure: —
Announced: May 26, 2021
Closed: —
Stage: Closed

Target

Haeyang Energy (formerly Haeyang City Gas) supplies city gas across Gwangju and eight cities and counties in South Jeolla, and Seorabeol City Gas serves the Gyeongju area. Glenwood PE acquired both from GS Energy at end-2018. Haeyang Energy's 2020 revenue was KRW 520bn with operating profit of KRW 22.5bn.

Deal rationale

According to The Fact, Glenwood PE bought Haeyang Energy and Seorabeol City Gas from GS Energy at end-2018 for about KRW 600bn and sold them to Macquarie Korea Infrastructure Fund (MKIF) in June 2021 for KRW 798bn, exiting after about three years. An IB source said Glenwood raised value through ERP and SCM system investments. No official rationale from buyer or seller was quoted; Gwangju civic groups opposed selling a public utility to what they called speculative capital.

PE 회수(펀드 만기)기타

Revenue	$359m
Operating income	$16m
EBITDA	—
Net income	—

2020 · Single report, unverified (not yet checked against DART)

Press coverage

더팩트 (2021-05-26): “글랜우드PE의 지분 전체를 8200억원에 인수하는 조건으로 최종 협상을 하고 있는 것으로 알려졌다”
아시아경제 (2024-07-30): “도시가스 회사인 해양에너지, 서라벌도시가스, 씨엔씨티에너지 등에 투자했다”
더팩트 (2021-08-11): “2018년 GS에너지로부터 해양에너지·서라벌도시가스를 인수 … 3년 만인 올해 6월 … 7980억 원에 매각”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.