Headland Capital Partners’ portfolio commpany Unison eTech (UET) has acquired a 100% shareholding in HKR from its founding shareholders. HKR is South Korea’s leading manufacturer of expansion joints, crossovers and intercoolers, which are used in the construction of power plants, petrochemical plants and LNG vessels. UET is a South Korean company which was acquired by The Headland Private Equity Fund 6 L.P. in May 2011.
Headland Capital Partners Limited (“Headland”)
announced that Unison eTech Co., Ltd (“UET”) has acquired a 100% shareholding in HKR
Co., Ltd (“HKR”) from its founding shareholders. HKR is South Korea’s leading
manufacturer of expansion joints, crossovers and intercoolers, which are used in the
construction of power plants, petrochemical plants and LNG vessels.
UET is a South Korean company which was acquired by The Headland Private Equity
Fund 6 L.P. (“Headland Fund 6”) in May 2011. UET is owned by Headland Fund 6 and
UET’s management team. UET is a leading manufacturer of (i) construction materials and
bridge brackets, (ii) plant pipe hangers and supports, for use in power plants and
petrochemical plants, and (iii) biogas plants.
Mr. Taigon Kim, Senior Partner, Headland Capital Partners, stated: “We are
delighted with the progress of our investment in UET and this follow-on acquisition. We
believe that the combined UET-HKR business will be able to expand significantly in line with
the improving prospects of its key customers, which include Korean engineering,
procurement and construction companies and Japanese and US power plant manufacturers.”
UET’s CEO, Mr KW Lee, commented: “Headland has demonstrated its strong support of
our company and our management by providing us with the finance and the know-how to
acquire HKR. We are confident that the acquisition of HKR will enable our company to
benefit from many synergies, to grow significantly and to take advantage of an attractive
market environment in the coming years.”
HKR’s CEO, Mr JJ Roh, who will join UET’s management team, commented: “We believe
strongly in the future prospects of HKR and UET and we have invested alongside Headland
and UET management in UET. We believe that Headland’s support will enable our company
to improve further its engineering and marketing capabilities and to grow its sales in both
South Korea and the overseas markets of the Middle East, India and South East Asia.”
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About Headland Capital Partners
Headland Capital Partners Limited, formerly, HSBC Private Equity (Asia) Limited, has been advising private
equity and venture capital funds since 1989. Headland endeavours to be a trusted and commercially-minded
investment partner for entrepreneurial management teams in Asia and strives to assist these teams to build upon
or achieve industry leadership positions for their businesses. The firm believes such partnerships support these
companies and their management teams to attain sustainable financial success while delivering attractive returns
for its advised funds.
During its history, Headland has advised six regional private equity funds, with aggregate capital of approximately
US$2.9 billion. Current active funds, with committed capital of approximately US$2.0 billion, include: The
Headland Private Equity Fund 6 L.P. and The Headland Private Equity Fund 3 Limited. Funds advised by
Headland have invested in more than 100 companies located primarily in Greater China, South Korea and
Unison eTech Co., Ltd. Is engaged in the design, manufacturing, testing, marketing and installation of bridge
brackets, pipe hangers and supports, related construction materials and biogas plants. The company is
headquartered in South Korea and was established in 1984.
UET is a leader in the bridge bracket and pipe hanger markets in South Korea and was a pioneer in developing
the know-how and technology to design and install biogas plants in South Korea. UET’s customers include
many leading South Korean engineering, procurement and construction companies.
HKR Co., Ltd. is engaged in the manufacture of expansion joints, crossovers and intercoolers. The company is
headquartered in South Korea and was founded in 1972.
HKR was the first manufacturer of industrial expansion joints and is now the market leader in South Korea. The
company’s products are used in industrial plants, power plants and LNG tankers. HKR’s customers include
global and South Korean engineering, procurement and construction companies and leading power equipment