Standard Chartered Private Equity has revealed an investment in Doosan Industrial Vehicle (DIV), the largest forklift manufacturer in Korea, and a spin-off from construction equipment manufacturer, Doosan Infracore. SCPE will acquire 49% of the Company for an undisclosed amount.
DIV has held the pole position as the number one forklift manufacturer in Korea for over 10 years.
The company has also established itself as a leading global player with a diverse presence in 93 countries, and a strong local presence with more than 50% market share. With the fast pace of economic growth and ongoing modernisation in emerging markets, DIV expects demand for forklifts to grow in order to optimise distribution and warehousing processes. The Company plans toserve the growing market needs in Southeast Asia, India, the Middle East and South America.
SCPEs investment in DIV will support the Companys expansion in these markets. Given Standard Chartereds extensive footprint across Asia, Africa and the Middle East, SCPE is uniquely positioned to add value and help DIV penetrate and expand its business in these markets.
Charles Huh, Managing Director at Standard Chartered Private Equity, said, We are honoured to be able to deepen our relationship with Doosan Group via this investment in Doosan Industrial Vehicle. This partnership with a long term client of Standard Chartered Bank allows us to support Doosan Groups ambition to grow and maximise the potential in DIV over the long term. We are confident that SCPEs track record in partnering with Korean conglomerates testifies to our ability to manage and execute complex transactions. We look forward to an even closer partnership with Doosan in the years ahead.
(LB)