[본 기사는 10월 29일(17:20) ‘레이더M’에 보도 된 기사입니다]
The sale of Daekyung ONT, which manufactures and sells animal and plant oil ‘oil fat’, is heating up. A large number of domestic oil refiners, called nare, jumped into the bidding. As the business area is close to environment, responsibility, and transparent management (ESG), it is receiving love calls from many acquisition candidates.
According to the investment banking (IB) industry on the 29th, Stick Investment held a preliminary bid to sell Daekyung O&T’s management rights this afternoon. Most of the major large oil refineries participated. Several large private equity funds (PEFs) are also said to have submitted letters of intent. At the end of last month, about 20 companies received an investment prospectus (IM) to review the acquisition of Daekyung ONT.
The subject of this transaction is all issued stocks, including 70% of the stake held by STICK through the fund and the former CEO Changyun Kim (19.72%). Bank of America Securities is in charge of the sale.
Daekyung ONT was established in 1995 as a company that manufactures and sells oil. Oil (油脂) is an oil extracted from animals or plants and is widely used to make food, pharmaceuticals, and paints. Daekyung ONT has been maintaining the No. 1 market share in the animal fats and oils for feed sector. Other businesses include import and export of fats and oils, refining of edible oils and fats, rendering of animal fats, and production of recovered oil.
The reason Daekyung ONT is receiving love calls from refiners is because of biodiesel. Stick Investment took over Daekyung ONT in 2017 and started improving its constitution. It started to focus on ‘biodiesel’, which is considered an alternative to fossil diesel fuel. Daekyung ONT started producing recycled raw materials by refining waste cooking oil and slaughtering by-products, which were all discarded in the past. Currently, it is known that it has secured about 50% of the market share (based on domestic standards).
A market official said, “Advanced countries, leading global companies, and domestic conglomerates are establishing long-term plans to practice carbon neutrality. is doing,” he said.
According to the Electronic Disclosure System of the Financial Supervisory Service, Daekyung ONT’s sales in the previous year were 331.4 billion won and operating profit was 16.5 billion won. This is an increase of 28% and 300%, respectively, compared to the previous year. During the same period, cash flow from operating activities increased about 17 times from 1.5 billion won to 25.1 billion won. Inside and outside the company, it seems that EBITDA for this year is estimated at about 45 billion won. Taking this into consideration, market participants are expecting the expected transaction price of Daekyung ONT to be at least 500 billion won.
Another market official said, “It is known that there is a lot of interest mainly in oil refiners, but I know that large private equity funds with blind funds are also considering acquisitions.”
[강우석 기자 / 박창영 기자]
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