TPG to sell off Korean luxury tile firm Nox's parent for $421 mn

The deal is likely to increase up to around $700 million if the parent company's CEO exercises his tag-along right

Nox's luxury vinyl tiles for home decoration (Courtesy of Nox)
Nox's luxury vinyl tiles for home decoration (Courtesy of Nox)
Chae-Yeon Kim 1
2022-11-04 11:40:12 why29@hankyung.com
Mergers & Acquisitions

US alternative investment manager TPG Inc. is poised to sell a 65% stake in South Korea’s Moleem Corp., the parent of global leading luxury vinyl tiles (LVT) flooring firm Nox Corp., for around 600 billion won ($420.7 million).

TPG has selected Morgan Stanley as the lead manager and sent teasers to potential buyers, according to sources familiar with the matter on Nov. 3.

The Texas-based alternative investment firm acquired a 65% stake in Moleem for 360 billion won in 2017. The deal could increase up to 1 trillion won if Moleem CEO Koh Dong-hwan (Dan DH Koh) exercises his tag-along right to sell the remaining 35% shares in Nox he holds.

Founded in 1994, Nox is exporting LVT to around 50 countries. It posted 282.5 billion won in revenue and 34.2 billion won in operating profits last year, mostly from the US, Europe and Japan.

LVT uses a realistic photographic print film and a clear vinyl layer that allows a variety of design concepts. The Korean flooring company has provided LVT to a Marriott Hotel and W in New York, a lounge in Paris Charles de Gaulle Airport and a Hermès store in Paris.
 
In a bid to expand its presence on the global stage, Nox has established its plants in Ohio, the US and Vietnam, as well as acquired a Korea-based factory and research & development center of Hunter Douglas N.V., a Dutch window blinds and coverings maker.

Write to Chae-Yeon Kim at why29@hankyung.com
Jihyun Kim edited this article.
#luxury vinyl tiles #Nox Corp LVT #LVT flooring market #Korea Moleem #TPG Capital #Texas Pacific Group #alternative investment #private equity investment in Korea

Goldman taps TPG Korea's Lee as Seoul office PE head

Goldman taps TPG Korea's Lee as Seoul office PE head

Goldman Sachs Group  Goldman Sachs Group Inc. is set to hire Lee Seung-june, managing director at US investment firm TPG's Seoul office, as Goldman Sachs' private equity head in South Korea to spur its PE investments and client relationships in the country.Lee recently decided on the move

EastBridge beats KKR, TPG to buy Korean waste disposal firm

EastBridge beats KKR, TPG to buy Korean waste disposal firm

(Courtesy of YIDO) South Korea-based EastBridge Partners has agreed to acquire a majority stake in the country's waste treatment firm YIDO for around 260 billion won ($232 million), which had drawn interest from KKR, TPG and Macquarie, as well.On Apr. 21, EastBridge signed a memorandum of under

KKR, Carlyle, TPG vying for $4 bn stake in SK's battery arm

KKR, Carlyle, TPG vying for $4 bn stake in SK's battery arm

SK On's EV battery plant under construction in the US state of Georgia KKR & Co., The Carlyle Group and TPG Inc. have handed in preliminary bids for shares in SK Group's battery unit SK On, which is seeking to raise between 3 trillion and 5 trillion won ($2.5 billion-$4.2 billion) in a pre-

NPS joins in TPG-led $125 mn funding for Kakao Mobility

NPS joins in TPG-led $125 mn funding for Kakao Mobility

The National Pension Service has committed $100 million to a TPG consortium that recently raised $116.8 million to invest in Kakao Mobility Co., South Korea's largest taxi-hailing app.In the latest funding round, Kakao Mobility secured an additional $125 million both from TPG and The Carlyle G

Biggest deal in Korea: Hanon Systems stake sale draws KKR, Carlyle, TPG

Biggest deal in Korea: Hanon Systems stake sale draws KKR, Carlyle, TPG

Courtesy of Hanon Systems The sale process of a near-70% stake in South Korean auto parts supplier Hanon Systems Corp. has kicked off, attracting a pool of strategic investors and global private equity firms such as KKR, Carlyle and TPG. The deal is expected to fetch around 7 trillion won ($6.2
(* comment hide *}