Funds affiliated with Baring Private Equity Asia (BPEA) has acquired South Korean consumer finance and leasing company Acuon Capital from JC Flowers & Co.
Financial terms of the acquisition were not disclosed.
Headquartered in Seoul, Acuon has $3.9bn loan portfolio and 335,000 customers.
JC Flowers formed the financial services company by merging three local lending businesses which it acquired between 2015 and 2016.
It includes Acuon Capital, formerly KT Capital; Doosan Capital; and Acuon Savings Bank, formerly HK Savings Bank.
Post acquisition, JC Flowers invested in the combined company to grow its retail consumer lending business, expand distribution channels and upgrade IT infrastructure.
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By GlobalDataJC Flowers managing director Thierry Porté said: “JC Flowers is proud to have created a successful diversified corporate and retail lending business with a strong franchise, and we are confident that the Acuon management team has found the right partner in BPEA to take the company forward.
“JC Flowers’s deep financial expertise in the Asian financial markets made us uniquely qualified to manage this complex deal.
“We are pleased with our experience investing in South Korea and we look forward to seeking other opportunities in this market in the future.”
BPEA managing director Han Chul Kim said: “We see Acuon as a rare opportunity to acquire control of a combined savings bank and a capital company in Korea.
“After a successful period of integration under J.C. Flowers’s ownership, we are looking forward to helping the company accelerate its growth trajectory and capitalize on the increasing demand for alternative lenders.”