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Photo = Mirae Asset Securities |
[Alpha Biz= Kim Sangjin] Mirae Asset Global Investments announced on Sunday that it has signed an investment contract worth 2.9 trillion KRW with Essex Solutions, a U.S.-based subsidiary of LS Group.
The Mirae Asset-KCGI consortium, which was selected as the preferred negotiator for the investment in Essex Solutions in August 2023, completed the formation of the project fund and finalized the main contract on January 3rd. The investment was structured through a third-party private placement, where the investors subscribed to shares issued by the consortium.
Through this investment, the Mirae Asset-KCGI consortium will acquire approximately 20% of Essex Solutions’ shares, implying a pre-IPO market capitalization of approximately 1 billion USD (about 1.45 trillion KRW) for the company.
Essex Solutions, acquired by LS Group in 2008, is currently the global leader in coil winding. Mirae Asset Group has built a strong partnership with LS Group based on mutual trust over the years.
Notably, Mirae Asset Global Investments Vice Chairman (CEO) Choi Chang-hoon visited Essex Solutions' U.S. headquarters directly to meet with senior management, leading the negotiation process through proactive communication.
Mirae Asset Global Investments stated that the investment in Essex Solutions will enhance the competitiveness of Mirae Asset Private Equity (PE) and further strengthen its efforts to actively seek new investment opportunities in the future.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
