Private equity firm SkyLake Equity Partners will acquire road management vehicles and equipment manufacturer Retech in a deal worth about 200 billion won ($180 million).

SkyLake has signed a stock purchase agreement to acquire all shares in the firm, industry sources said on Wednesday (November 18). Founder Lee Doo-sik owns a 99% stake in Retech and Lee Jong-yoon controls the remaining 1%.

The PE firm will finance the deal through its 10th and 11th blind-pool funds, with the 10th fund spending all of its remaining dry powder on the acquisition. SkyLake recently formed the 11th fund, worth 750 billion won.

Retech recorded revenue and operating income of 95.3 billion won and 16.1 billion won respectively last year. Earnings before interest, tax, depreciation and amortization (EBITDA) were 16.8 billion won, and it was in a net cash position. The company was reportedly sold at an enterprise value/EBITDA of about 12 times.

SkyLake is also in the process of taking over Doosan Solus. The PE firm will buy a 53% stake for approximately 690 billion won and plans to inject another 450 billion won through rights offerings. The process is likely to be completed by the end of this year. (Reporting by Byung-yoon Kim)

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