16 December 2024

BDA advises IMM Consortium on acquisition of Ecorbit from KKR and Taeyoung

acquired 100% stake in

from

2024

BDA Partners is pleased to announce that its client, IMM Consortium, comprising IMM Private Equity and IMM Investment, has acquired Ecorbit from KKR and Taeyoung Group, who each held a 50% stake.

BDA was the exclusive financial advisor to IMM Consortium. The transaction is valued at KRW2.07trn (US$1.59bn) with an enterprise value of KRW2.65trn (US$2.04bn), one of the largest M&A transactions in Korea in 2024.

Ecorbit is Korea’s leading comprehensive environmental company, established in October 2021 through the merger of Taeyoung Group’s TSK Corp and KKR’s Eco Solution Group (ESG). TSK Corp had long-standing strength in water treatment, while ESG held a leading position in the incineration sector. After the merger, Ecorbit expanded its market share through continuous development and bolt-ons, solidifying its position as the leading industry consolidator. Today, Ecorbit operates four business units: landfill, waste-to-energy, water treatment, and recycling. It stands as the Korean leader in water treatment, landfill, and medical waste incineration.

Howard Lee, Partner and Head of BDA Partners, Seoul, said, “We take pride in two points: this is the largest transaction in 2024 in Korea, and Ecorbit is the largest waste management company in Korea in both revenue and profitability. We helped IMM Private Equity and IMM Investment to create this consortium solely for the purpose of buying this asset. This consortium has been their first joint effort since their partial acquisition of Woori Bank in 2016.”

Deal team

About IMM Private Equity

Founded in 2006, IMM Private Equity is an independent private equity firm specializing in buyouts and growth capital investments. IMM Private Equity has US$6.5bn assets under management and holds a portfolio of 17 companies. www.immholdings.co.kr

About IMM Investment

Founded in 1999, IMM Investment is one of Asia’s leading multi-asset alternative investment firms, focusing on venture capital, growth equity and infrastructure. As of December 2023, assets under management were US$6.4bn. www.imminvestment.com

About Ecorbit

Founded in 2021, Ecorbit is Korea’s top comprehensive environmental company, specializing in landfill, waste-to-energy, water treatment and recycling. Ecorbit offers a total solution, including project development, design, construction and maintenance, leveraging extensive experience and technical expertise in addressing environmental challenges. www.ecorbit.com

About KKR

Founded in 1976, KKR is a global investment firm that manages a wide range of alternative asset classes, including private equity, energy, real estate, infrastructure, credit, and more. As of December 2023, assets under management were US$553bn. www.kkr.com

About Taeyoung

Founded in 1973, Taeyoung Group is a Korean conglomerate with a diverse portfolio of businesses including construction & engineering, real estate development, media & broadcasting. Taeyoung has divested its environmental services business through the sale of Ecorbit. www.taeyoung.com

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com

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