Glenwood PE acquires 100% of LG Chem in-vitro diagnostics business (now Invitros) for KRW 150bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $103m
- Stake
- 100%
- Implied 100%
- $103m
- Revenue
- $28m
- Op. income
- —
- Multiples
- PSR 3.8x
Deal value ÷ stake (structure unconfirmed)
2022 · Multiple reports agree
2022 · Multiple reports agree
On implied equity value
- Target
- LG Chem in-vitro diagnostics business (now Invitros) · In-vitro diagnostics reagents and equipment
- Buyer
- Glenwood PE · FI
- Seller
- LG Chem
- Structure
- —
- Announced
- Oct 4, 2023
- Closed
- Oct 4, 2023
- Stage
- Closed
Target
LG Chem's diagnostics division has supplied immunodiagnostic and molecular diagnostic reagents and PCR equipment in Korea since launching a hepatitis C test kit in 1992; it was carved out into the new company Invitros.
Deal rationale
According to Daily Medi, LG Chem divested the unit under a 'select and focus' strategy to concentrate on battery materials, eco-friendly materials and global new drugs, as the diagnostics unit's revenue (KRW 30-40bn) was small relative to the group. Glenwood PE, investing from its second blind fund, said it plans to grow the company into a global diagnostics firm through new technology development and portfolio expansion (Financial News).
| Revenue | $28m |
| Operating income | — |
| EBITDA | $14m |
| Net income | — |
2022 · Multiple reports agree (not yet checked against DART)
Reported multiples
- EV/EBITDA (press estimate) 6.0x 데일리메디 추정 매각가 약 1200억원 / 2022년 EBITDA 약 200억원(우선협상대상자 선정 시점 기사, 최종 거래가 1500억원과 상이) source ↗
Press coverage
- 파이낸셜뉴스 (2023-10-04): “글랜우드PE, LG화학 진단사업부 인수완료”
- 데일리메디 (2023): “LG화학, 진단사업 매각 추진···글랜우드PE 유력”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.