Stick, Anchor, Premier, KCGI, VIG in five-way race; Yulgok valued at around 400 billion won as aerospace growth lifts price expectations
The deadline for final binding bids in the sale of aerospace components maker Yulgok has been pushed back, as the sellers look to sustain competitive momentum after drawing strong interest from major domestic private equity funds.
According to investment banking industry sources Thursday, the JKL Partners–WJ Private Equity consortium, which is selling its stake in Yulgok, recently extended the final bid deadline. The original cutoff had been set for May 29, but the sellers pushed it back by about a week to give prospective buyers more time to clear internal investment committee approvals. A preferred bidder is expected to be selected as early as mid-June.
Market participants see the extension as a deliberate move to intensify competition and drive up the final price by ensuring all interested parties can participate fully. Five domestic and international private equity fund managers are currently in the running: Stick Investment, Anchor PE, Premier Partners, KCGI and VIG Partners.
Attention is also turning to whether the extended deadline will draw additional bidders. More than 10 strategic and financial investors expressed interest during the preliminary bidding round held in February. Analysts say sustained interest from acquisition candidates reflects the convergence of the aerospace industry's growth trajectory with Yulgok's own earnings momentum.
Founded in 1990, Yulgok is a partner of Korea Aerospace Industries and has built a strong position in machined components and wing structure manufacturing and assembly. The company's sales have grown consistently, rising from 96.9 billion won (about $63.9 million) in 2023 to 117.3 billion won in 2024 and 128.8 billion won in 2025, on a consolidated basis. Operating profit this year reached 14 billion won.
The stake on offer is the 47.09 percent held by the JKL Partners–WJ PE consortium, with Samil PwC serving as the sale adviser. The market currently values Yulgok at roughly 400 billion won on a 100 percent equity basis, and the final transaction price is drawing close attention as competitive interest builds.
The JKL Partners–WJ PE consortium first acquired a portion of Yulgok's existing shares in 2019, then took on 40 billion won worth of convertible preferred shares in 2020 to become the second-largest shareholder. The company's largest shareholder remains CEO Wi Ho-cheol, who holds a 47.23 percent stake.
an@heraldcorp.com
