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MBK Partners has acquired a 99.5 percent stake in Medit, a Seoul-based 3D dental scanner and solutions provider, from its largest shareholder, Unison Capital for 2.4 trillion won.
The acquisition took place a month after MBK was selected as the preferred bidder over the world's renowned private equity and investment firms, such as Carlyle, KKR, and Blackstone.
Medit founder Jang Min-ho and the firm's specially related parties also agreed to reinvest a considerable amount of revenue into the company. They will remain as joint investors with MBK. The deal is expected to close sometime around the first quarter of 2023.
The acquisition took place amid projections of the dental scanner market here and abroad growing 30 percent each year until 2027.
Medit is a global leader in the market for dental scanner solutions. The company secured a market share of 22 percent in 2020, and the portion rose to 24 percent this year.
The Korean firm started expanding its global footing in the industry from 2018 and has so far established branches in major countries such as the United States, Germany and China. The company runs 230 dealerships in around 100 countries across the globe.
Medit generated sales of 190.5 billion won last year, but this year's sales are estimated to have soared to around 270 billion won.
The dental scanner industry was an oligopoly market, with a group of top five companies accounting for more than 85 percent of the total market share. But the investment banking industry forecasts Medit and 3Shape to continue to expand their dominance in the industry and intensify a two-way rivalry.
