South Korean IMM Private Equity Has Received Buyout Offers Worth USD 1B From KKR and others

By: Asia Business Outlook Team | Thursday, 09 March 2023

South Korean firm IMM Private Equity has received interest from funds such as KKR & Co, MBK Partners, and Brookfield Asset Management for a minority stake in local industrial gas company AirFirst, which it plans to sell for $1 billion, according to three people familiar with the transaction.

According to the sources, who declined to be identified because the information is confidential, the buyout firm expects first-round, non-binding bids by March 16.

In 2019, IMM PE paid $1.2 billion for the South Korean assets of German industrial gases group Linde and rebranded the company as AirFirst.

According to two of the sources, IMM is aiming for a valuation of more than 4 trillion won ($3 billion) for the entire company in the sale, and the actual number of shares it sells will depend on negotiations with buyers.

According to the sources, other potential bidders include BlackRock Inc and infrastructure-focused investment firm Stonepeak.

According to its website, AirFirst's operations began in 1975. It is a manufacturer as well as a supplier of industrial gases.

With $7.4 billion in total assets under management, IMM PE is one of South Korea's major homegrown investors, focusing on both buyouts and growth investments.

According to IMM's website, the AirFirst investment was made through its third and fourth flagship funds.