Glenwood Private Equity acquires 100% of LG Chem Water Solutions (NanoH2O) for KRW 1.4tn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $966m
- Stake
- 100%
- Implied 100%
- $966m
- Revenue
- $172m
- Op. income
- —
- Multiples
- PSR 5.6x
Deal value ÷ stake (structure unconfirmed)
2024 · Multiple reports agree
2024 · Multiple reports agree
On implied equity value
- Target
- LG Chem Water Solutions (NanoH2O) · Water treatment RO membranes
- Buyer
- Glenwood Private Equity · FI
- Seller
- LG Chem
- Structure
- —
- Announced
- Jun 13, 2025
- Closed
- Dec 3, 2025
- Stage
- Closed
Target
LG Chem's water solutions unit, started with the 2014 acquisition of US firm NanoH2O, makes reverse-osmosis (RO) membranes for seawater and brackish-water desalination, serving municipal and industrial customers. Reports put it second globally behind Toray, with over 95% of revenue from overseas.
Deal rationale
LG Chem described the sale as a portfolio reshuffle to focus on three growth engines (battery materials, eco-friendly materials, new drugs); reports also cite balance-sheet strengthening amid weak petrochemicals. Glenwood PE said the deal fits its strategy of carving out businesses large corporations classify as non-core; it funded the deal from its 2nd and 3rd blind funds plus a co-investment fund, later joined by Abu Dhabi's Mubadala, and reportedly pledged job guarantees and about KRW 200 billion of additional capacity investment.
| Revenue | $172m |
| Operating income | — |
| EBITDA | $45m |
| Net income | — |
2024 · Multiple reports agree (not yet checked against DART)
Reported multiples
- EV/EBITDA (press estimate) 20.0x 우선협상대상자 선정 단계(2025-04) 보도, 2024년 EBITDA 약 650억원 기준; 당시 거론 매각가 1조원 초반 source ↗
Press coverage
- 아이뉴스24 (2025-06-13): “양측은 최근 협상을 마무리하고 거래에 합의했다.”
- 아시아경제 (2025-12-03): “매각액은 약 1조4000억원이다.”
- 딜사이트 (2025-10-22): “전체 거래금액은 1조4000억원 규모다.”
- 딜사이트 (2026-01-05): “글랜우드프라이빗에쿼티(PE)의 LG화학 수처리 필터사업부 인수(1조3940억원)”
- 한국경제 (2025-04-28): “워터솔루션 사업은 지난해 매출 2500억원, 상각 전 영업이익(EBITDA) 650억원”
- 아시아경제 (2025-04-30): “EBITDA의 약 20배 … 2호 펀드(2021년 9000억원)와 3호 펀드”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.