Glenwood buys three waste management firms for about $190 mn

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Glenwood buys three waste management firms for about $190 mn - Korea Economic Daily

Quick Summary:

Glenwood Private Equity on Tuesday signed an agreement to buy three waste management companies from a small-sized South Korean business group Bubang for around 260 billion won ($190 million), according to people familiar with the matter.

In 2023, operating profit at Techcross Environmental Services came in at 11.3 billion won, up from 4.3 billion won in 2019 around the time when Bubang took it over.Sales climbed to 194.1 billion won, vesus 143.1 billion won over the same period.

Under the contract, Bubang has sold Techcross Environmental Services Inc., Techcross Water & Energy Inc.and Bugok Environment Co.’s Chinese subsidiary to the Seoul-based buyout firm, withdrawing from the waste treatment market.