Domestic private equity fund (PEF) management company Kaystone Partners is selling ORION Technologies to Highland Equity Partners. Kaystone is expected to make more than three times the profit from this sale.
According to investment banking (IB) industry sources on the 10th, Kaystone recently signed a memorandum of understanding to sell 100% of ORION Technologies' equity to Highland. The sale amount is reported to be around 130 billion won. Highland plans to sign a stock purchase agreement (SPA) within the first half of this year after completing due diligence.
ORION Technologies is a large manufacturer of ship engine controllers established in 2003. Kaystone acquired the company for about 40 billion won from STIC Investments, a PEF management company, in January 2021.
ORION Technologies' performance improved significantly due to the shipbuilding industry boom. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA), which shows its cash-generating ability, increased from 3.4 billion won in 2020 to 12 billion won in 2023. The EBITDA for last year is reported to have exceeded 15 billion won.