Carlyle-GS consortium picked as preferred bidder for Medit

The Carlyle Group-GS Group consortium has been chosen as the preferred bidder for South Korea’s leading 3D dental scanner company Medit after offering 3 trillion won ($2.98 billion), according to the investment banking industry on Monday.

The consortium beat out global private equity rivals Kohlberg Kravis Roberts (KKR) & Co. and Blackstone.

The tender put up 100-percent stake and management right in the Korean company held by Korean PEF Unison Capital and its founder and employees. The Carlyle consortium is said to have offered about 3 trillion won in the deal arranged by Citigroup Global Markets.

Carlyle that has been aggressive in expanding its investment in Korea has decided to form a consortium with GS Group for the buyout as the Korean conglomerate has also been seeking to enhance its edge in the bio healthcare market. They selected Morgan Stanley and UBS as financial advisors before the preliminary bid. The consortium will secure buyout funds from KB Bank, KB Securities, and KEB Hana Bank.

The Medit deal would make Carlyle's second buyout in Korea this year. Earlier this year, Carlyle acquired a 100-percent stake in A Twosome Place, Korea’s homegrown coffee chain operator, for 900 billion won from Anchor Equity Partners.

[Provided by Medit]

Medit, founded in 2000, has ascended to No. 2 in the global dental scanner market in terms of market share since Unison’s investment in the firm in 2019. Its sales more than doubled to 190.6 billion won in 2021 from 2019. Its earnings before interest, taxes, depreciation and amortization (EBITDA) tripled to 104.9 billion won during the same period.

The market projects the firm’s sales this year to exceed 300 billion won, with EBITDA at 200 billion won.

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