MBK makes first exit from Korean investment

MBK Partners has made its first exit in just sixteen months after it acquired a controlling stake in Korea’s Hanmi Capital.

MBK Partners is selling its controlling stake in Hanmi Capital, a Korean leasing company, to Woori Financial Group, a local strategic investor with an interest in consumer financing, for 271.1 billion Korean won ($289 million; €212 million).

Last year, the North Asia-focused buyout group acquired a 51.5 percent stake in Hanmi for $92.7 million, at the same time it closed its debut fund on $1.56 billion.

The sale comes in the wake of MBK’s fairly brisk pace of capital deployment in Korea, a market in which many have struggled to clinch deals. MBK has also been in the news bidding for C&M, a local cable television company, together with Macquarie Bank. The company has declined to comment on its participation.

MBK recently beat private equity rivals to acquire Yayoi, a software company in Japan. Yayoi is also the buyout firm’s first acquisition in Japan.