This article was published on July 14, 2025, at 4:41 p.m. on the ChosunBiz MoneyMove site.
Domestic private equity fund (PEF) operator IMM Private Equity (PE) and the IMM Investment Consortium are accelerating efforts to strengthen the company in preparation for the sale of Hyundai LNG Shipping. As the Rosegold No. 2, which was mobilized for the acquisition of Hyundai LNG Shipping, is on the verge of liquidation, and the maturity of the acquisition financing is approaching, it is expected that a full-fledged sale process will begin within the year.
According to investment banking (IB) industry sources on the 15th, the IMM Consortium is preparing for the sale of Hyundai LNG Shipping. They extended the contract with Citigroup Global Markets Securities, which acted as the sale's intermediary two years ago, and have shifted to a permanent sales structure. The sellers are reportedly in discussions with strategic investors (SI) and financial investors (FI), including domestic and foreign shipping companies interested in acquiring.
Previously, the IMM Consortium attempted to sell Hyundai LNG Shipping two years ago. At that time, HMM participated as an acquirer and negotiations took place, but the deal fell through as they could not reconcile the difference in price expectations. The sellers had hoped for 800 billion won, including a management premium, but it is reported that HMM offered 300 billion won. The negative stance of Industrial Bank of Korea, a major shareholder of HMM, also contributed to the failure of the transaction.
After the failed sale of Hyundai LNG Shipping, the IMM Consortium, which had been inactive, has recently accelerated its efforts in 'body building.' It has been 11 years since the company was acquired, so recovering the investment (exit) has become urgent. Hyundai LNG Shipping is the seventh portfolio asset of Rosegold No. 2, established by IMM PE in 2012, and effectively its last asset. Given that it has been 14 years since the fund's establishment, there is a need to speed up the sale of Hyundai LNG Shipping for liquidation.
As of the end of last year, the IMM Consortium carried out a refinancing of acquisition financing worth 217 billion won. They secured funding from three institutions, including Kookmin Bank, Hana Securities, and Korea Investment & Securities, extending the maturity by two years. This was a measure to create room for negotiations in the sale. Along with the refinancing of the acquisition financing, Daishin Private Equity (PE) also acquired a 20.77% stake in Hyundai LNG Shipping held in the form of redeemable convertible preferred shares (RCPS) for approximately 173.3 billion won.
As a result, the stake of Aegis One, the largest shareholder of Hyundai LNG Shipping, rose from 79.23% to 100%. Aegis One is a special purpose company (SPC) established by the IMM Consortium to acquire Hyundai LNG Shipping. With the IMM Consortium securing all company shares, there are expectations that they will be able to adjust the valuation more flexibly during the sale negotiation process.
The IMM Consortium is also pursuing the sale of some of the aging vessels among the LNG carriers held by Hyundai LNG Shipping. The aim is to sell the aging vessels and purchase the latest ships to lower the average age of the fleet. As LNG carrier prices have been rising recently, this measure is anticipated to enhance corporate value and increase the appeal of the sale. It is reported that current new building prices are approximately 100 billion won higher per vessel compared to when Hyundai LNG Shipping ordered the ships.
The strong performance of Hyundai LNG Shipping is also expected to provide momentum for this year's sale efforts. As of the end of last year, Hyundai LNG Shipping reported revenues and operating profits of 460.5 billion won and 10.08 billion won, respectively. This is a significant increase compared to revenues of 338.7 billion won and operating profits of 25.8 billion won in 2023. Considering that the operating profit was minus 7.4 billion won in 2021 and 12.1 billion won in 2022, it is growing rapidly.
An industry official noted, "Currently, the sale intermediary for Hyundai LNG Shipping is conducting marketing and contacting potential buyers, progressing in a continuous sales mode," and added, "Although the sale is urgent, the refinancing has secured some time, so overcoming undervaluation concerns is key."