Glenwood Private Equity (Glenwood PE)’s post-merger integration strategies are creating more new jobs in South Korea.

PI Advanced Materials, formerly known as SKC Kolon PI, has recently hired more than 20 full-time employees, sources said on June 11. The move came after Glenwood PE acquired a controlling stake in the company in March.

The hirings appear to be part of the buyout firm’s plans to expand the polyimide varnish business for PI Advanced Materials. The company already has a market share of 85% in the country’s polyimide film market.

Glenwood PE closed its first blind-pool fund in 2018 at 453.7 billion won ($376 million). PI Advanced Materials is the third investment from the fund. The other buyouts include industrial gas suppliers Haeyang Energy and Seorabeol City Gas in 2018, and Hankuk Glass Industries in 2019.

Glenwood PE has maintained its focus on business expansion and job creation during its efforts to increase the value of portfolio companies.

Hankuk Glass Industries, which was acquired from French material producer Saint-Gobain last December, is said to have hired 17 full-time employees in May. The new jobs were created as the company aims to expand capacity for high-value added glass products. Glenwood PE injected some 40 billion won into the project by purchasing exchangeable notes issued by Hankuk Glass Industries.

Haeyang Energy, which was acquired from GS Energy along with Seorabeol City Gas in December 2018, also hired 14 full-time employees last year, the largest number ever in the company’s history. The gas suppliers have so far focused on expanding infrastructure and may soon start new businesses using advanced technologies such as artificial intelligence, big data and the Internet of Things.

Glenwood PE’s consistent post-merger integration strategies are related to its focus on carve-out opportunities, the firm said. Carve-out plays – in which the firm invests in non-core operations offloaded by large companies – constitute a majority of its portfolio.

Glenwood PE said that after acquiring non-core operations from conglomerates, it makes the necessary investment to help improve their competitiveness and ultimately sells them to strategic buyers. (Reporting by Hye-ran Kim)