E&F Private Equity consortium to acquire 80% of KES Environmental Development for KRW 200bn
- Deal value
- $138m
- Stake
- 80%
- Implied 100%
- $172m
- Revenue
- $0m
- Op. income
- -$1m
- Multiples
- PSR 2500.0x
Deal value ÷ stake (structure unconfirmed)
2025 별도 · DART-verified
2025 별도 · DART-verified
On implied equity value
DART 20260331002822
- Target
- KES Environmental Development · Waste landfill
- Buyer
- E&F Private Equity consortium · FI
- Seller
- JC Partners
- Structure
- —
- Announced
- Mar 25, 2026
- Closed
- —
- Stage
- Signed
Target
KES Environmental Development operates the only private waste landfill in the Seoul metropolitan area, in Seokpo-ri, Hwaseong, with permitted capacity of 1.8 million cubic meters (expandable to 2.5 million); Phase 1 opened at the end of 2025. JC Partners raised KRW 105bn in project financing in late 2023 and began construction in 2024.
Deal rationale
JC Partners signed an SPA on 25 March 2026 to sell its roughly 80% stake to an E&F PE consortium at an enterprise value in the KRW 200bn range; reports attributed the exit to resolution of permitting risk and community engagement (a residents' council, limits on designated waste) that secured Gyeonggi landfill permits. E&F PE, a waste-sector specialist, was reported to be strengthening its collection-transport-incineration-landfill value chain.
| Revenue | $0m |
| Operating income | -$1m |
| EBITDA | — |
| Net income | — |
2025 별도 · DART-verified · 20260331002822
Press coverage
- 헤럴드경제 (2026-03-25): “양측이 합의한 기업가치(EV)는 약 2000억원 대로 알려졌다”
- 헤럴드경제 (2026-04-13): “JC파트너스가 보유한 KES환경개발 지분 약 80%를 인수하는 구조다.”
- 파이낸셜뉴스 (2026-06-04): “지난 3월에는 수도권 유일 민간 매립장 운영사 KES환경개발이 JC파트너스에서 E&F PE로 매각됐다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.