Homegrown Imm Becoming Giant Private Equity Player

IMM Private Equity is becoming a giant player, following its acquisition of Linde Group's Korean industrial gas business worth 1.3 trillion won ($1.1 billion), industry sources said.

With the industrial gas asset, IMM's portfolio ranges from pharmaceuticals and car window wiper blades to webtoons, electricity transmission and cosmetics.

"IMM has become one of the prominent private equity fund management companies here, expanding its portfolio with a wide range of assets. I wouldn't be surprised if another deal pops up soon with IMM's name on it," said an industry source.

The private equity firm, led by co-CEO and founder Song In-joon, is also eyeing to acquire Lotte Card, whose sale has been put on hold until Lotte Group chooses its preferred bidder for Lotte Insurance and Lotte Capital.

IMM had a tight race with Macquarie Private Equity to buy the Germany-based company's local assets, which include a gas plant in Giheung, Gyeonggi Province.

Linde Korea supplies gas to the semiconductor and petrochemical industries, among others. Samsung Electronics, which has a chip plant in Giheung, is one of Linde's biggest customers, meaning it has a stable cash flow.

IMM will not be acquiring Linde's specialty gas unit as this was not part of the deal in accordance with antitrust laws.

The local private equity giant will be financing the industrial gas deal through a fund it set up early this year.

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