Highland EP exits D&T for 500 billion won, with D&T’s valuation tripling in two years [fn Market Watch]

[Financial News] Highland Equity Partners (Highland EP) is selling medical display maker D&T for about 500 billion won, just two years after investing in the company.
According to investment banking (IB) industry sources on the 5th, Highland EP signed a share purchase agreement (SPA) with Eum PE that day for the sale of 100% of D&T’s shares. The deal comes four months after Eum PE was selected as the preferred bidder in July. The transaction is valued at about 500 billion won. The equity portion of the deal, excluding acquisition financing, is about 450 billion won. The transaction is scheduled to close on the 30th.
Genesis PE, Skylake Equity Partners and others had also competed to acquire D&T. Eum PE plans to raise the acquisition funds using capital from its second blind fund and a project fund, along with acquisition financing. It also plans to retain the existing management team, including D&T CEO Park Hae-il, after the acquisition.
Founded in 1999, D&T is a medical display specialist headquartered in Daejeon, serving the surgical, diagnostic and ultrasound markets.
In July 2024, Highland EP acquired a 98.1% stake in D&T for about 172.7 billion won from Koston Asia, founder and chairman Lee Yang-gyu, and others. With this sale, Highland EP will earn a profit of roughly three times its original investment in just two years. Dong-A ST, a company listed on the securities market, also disclosed that day that it had sold a 7.97% stake (100 million shares) in D&T Holding Company for about 39.9 billion won. D&T Holding Company is a special-purpose company (SPC) established under Highland EP’s leadership to acquire D&T, in which Dong-A ST invested 10 billion won.
An IB industry source added, “It is notable that Highland EP has significantly increased D&T’s enterprise value and is now exiting after just over two years. For Eum PE, further growth and improved profitability that can justify the high acquisition price will determine the success or failure of its investment going forward.”

[email protected] Kang Gu-gwi Reporter