LX Hausys tapping to join the IMM PE-led buyout of furniture brand Hanssem
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LX Hausys said on Monday that it would be tapping to take part in a fund that will be set up by IMM PE for its buyout of Hanssem. The company said it wants to invest 300 billion won ($259.2 million) in the IMM PE-led fund as a strategic investor for business synergy rather than a financial investor that recoups investment later.’
The decision is part of efforts to enhance the company’s market position in high value construction materials sector, an unnamed official from LX Hausys said. It is also in line with the company’s mid- to long-term goal to seek future growth engine in “total interior business.”
LX Hausys, formerly LG Hausys, is under LX Group that separated from LG Group earlier this year.
The company’s disclosure on Monday is seen as a preemptive move to express its strong interest in joining the acquisition fund when IMM PE is still in talks with multiple entities for its Hanssem buyout.
Although LX Hausys has expressed its intentions to take part in the buyout, its final joining has not been confirmed yet as IMM PE is in talks with other candidates for investment. A potential strategic partner has not been chosen yet.
LX Hausys’s disclosure on its interest in the buyout could place it more eager position as most big companies wish to work under the water when it comes to merger and acquisitions.
On Tuesday, shares of LX Hausys closed up 7.62 percent at 96,000 won and those of Hanssem 2.95 percent higher at 122,000 won.
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