BDA PARTNERS: BDA advises Laird and Crescendo on sale of Model Solution to Hankook Tire

BDA Partners issued the following announcement on May 11.

BDA Partners is pleased to announce that its clients, Laird PLC (“Laird”) and Crescendo Equity Partners (“Crescendo”), have agreed to divest a total 75% equity stake in Model Solution Co Ltd, a Korea- and US-based precision prototype manufacturer. The buyer is Hankook Tire Co Ltd. (“Hankook Tire”), which is based in Seoul, Korea and is the seventh largest tire company in the world.

Model Solution, with operations in both Seoul and Silicon Valley, designs and manufactures prototypes, with market leading expertise in precision prototyping, design support, tooling, low volume manufacturing and 3D printing. It services a wide range of industries, including aerospace, automotive, consumer, medical and industrial, with a diverse blue chip customer base that includes both global tech giants and unicorn start-ups.

The total consideration for the stakes being sold is KRW68.6bn (US$63.4m).

Laird will divest its entire 51% stake in Model Solution, while Crescendo will be divesting a 24% stake in this transaction. Laird and Crescendo acquired their equity stakes in April 2014.

Post-transaction, Crescendo will retain a 25% stake in Model Solution. Crescendo will remain as a partner to Model Solution and Hankook Tire, assisting the post-merger integration process. Crescendo is confident that Hankook Tire will enable further expansion of Model Solution’s product offering and customer base in the next stage of growth.

BDA acted as exclusive financial advisor to Laird and Crescendo.

Howard Lee, Managing Director and Head of BDA Seoul, said “We are happy to have secured an excellent outcome for both of our clients, to a high quality future controlling shareholder for Model Solution. BDA has built a good track record of closing complex, cross-border transactions in the industrial technology space, across Asia and globally, driving high-multiple successful outcomes for all the relevant stakeholders”.

This divestment has no impact on the process for the acquisition of Laird by Advent International, who have been informed of the transaction.

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