Arges Private Equity has invested 11 billion won ($10 million) in inkjet printing equipment manufacturer UniJet after buying convertible preference shares issued by the company through its Aone private equity fund, industry sources said on Friday (December 4).

The PE firm’s connection with UniJet began when it invested in organic light emitting diodes (OLED) and semiconductor equipment maker AP Systems, with a consortium of Arges PE and SG PE buying redeemable convertible preference shares worth 60 billion won issued by AP Systems in September 2016. In 2017, AP Systems bought 4 billion won worth of convertible bonds from UniJet, helping that company diversify its business.

Arges PE has decided to bet on UniJet’s growth potential as the company has won a series of contracts. Founded in 2002, UniJet is the first thin film encapsulation equipment supplier to Philips and has mass-produced and supplied flexible OLED panels to major clients in the U.S. and China. It has more than 80 clients in over 20 countries around the world.

UniJet plans to use the proceeds from Arges PE to enlarge its production facilities and develop printing technology.

Established in 2016, Arges PE is headed by Sean Kim, a former equity fund manager at Shinhan BNP Paribas Asset Management. Kevin Ghill is the executive vice president.

Arges PE last year exited AP Systems, its first portfolio company, with an internal rate of return of 10.3%. UniJet is the firm’s fourth investment, after its stakes in EuBiologics and MegaGen Implant. (Reporting by Ar-rum Rho)