CDIB Capital International Corporation, the private equity investment arm of China Development Financial Holding Corporation, has exited its investment in WeMade Entertainment. The divestment generated a 40.4% IRR and 3.2x cash multiple on a KRW15 billion ($14 million) investment. WeMade is a Korean online game developer and publisher founded in 2000.
CDIB Capital International Corporation (“CDIB Capital”), the international Private Equity investment arm of China Development Financial Holding Corporation, successfully exited 100% of its investment in WeMade Entertainment (“WeMade”) realizing a 40.4% IRR and 3.2x cash multiple on its KRW15bn investment (equivalent of USD14mn). WeMade is a Korean online game developer and publisher founded in 2000. The company has enjoyed unprecedented success with the development of several successful online games such as “Legend of Mir”. CDIB Capital led an equity investment in WeMade in 2008 and helped the company get listed on Kosdaq in December 2009.
“In the last 4 years when CDIB Capital was involved with WeMade, the company was able to grow its revenue and EBITDA by over 104% and 73% respectively as of year-end 2011” said HY Kim, Managing Director and the Head of CDIB Capital’s Korean operations. “We worked closely with the management team to accelerate WeMade’s business expansion beyond Korea, launch new games, and improve its investor relations efforts. We couldn’t be happier with the outcome nor with the experience of working alongside such a talented management team.”
Lionel de Saint-Exupery, President and CEO of CDIB Capital, added “WeMade is an excellent example of how CDIB Capital source proprietary transactions and bring substantial value-add to its portfolio companies across the region. We also take pride in the fact that together with the sale of WeMade, CDIB Capital has returned in excess of $200 million of capital over the past 2 years in spite of challenging macroeconomic environment”.
About CDIB Capital
CDIB Capital is a leading Asian private equity investor focused on middle market growth capital transactions, with a sectorial bias for consumer, TMT, financial services, and high-end manufacturing. It is an affiliate of China Development Financial Holding Corporation, one of the oldest and largest merchant banking groups in Greater China with over US$13.5bn in assets.
CDIB Capital is headquartered in Hong Kong, with principal offices in Shanghai, Seoul, Taiwan and San Francisco. If you’d like more information about CDIB Capital, please visit our website at www.cdibcapital.com or send an email to email@example.com