Medipost Major Shareholder Change... Skylake and Crescendo Join Joint Management

March Announcement: 140 Billion KRW Investment Completed
Skylake and Crescendo Each Secure 10.35% Stake
"Accelerating Global Market Expansion"

Exterior view of Medipost headquarters.

[Asia Economy Reporter Lee Gwan-joo] Medipost announced on the 24th that the final payment of 70 billion KRW for the second investment of convertible preferred shares with voting rights (CPS), part of the total 140 billion KRW investment announced earlier in March, has been completed.

Accordingly, Medipost's largest shareholder has nominally changed from founder and CEO Yang Yoon-sun to SkyMedi Limited Liability Company. In practice, it is a consortium investment by the PEF consortium consisting of Skylake Equity Partners (Skylake) and Crescendo Equity Partners (Crescendo), with the consortium's shareholding ratio being 50 to 50.

With the completion of this 140 billion KRW investment, SkyMedi Limited Liability Company, a special purpose company of Skylake, secured a 10.35% stake in Medipost. Crescendo also acquired a 10.35% stake through its special purpose companies Marvel2022 Holdings and Crescendo 3rd D-Ho Private Equity Investment Partnership, and plans to participate in the joint management of Medipost as the largest shareholders.

Following the decision to acquire OmniaBio Inc, a Canada-based cell and gene therapy contract development and manufacturing organization (CDMO), which was a condition for the 70 billion KRW payment for the second investment of convertible preferred shares, Medipost is expected to enter the CDMO business and accelerate the entry of stem cell therapies into the North American market.

A Medipost official stated, "This year, Medipost plans to lay the foundation to leap forward as a global company," adding, "Skylake and Crescendo already have diverse investment experience and successful cases in various industries, making them the most reliable partners to enhance Medipost's corporate value and target the global market."

Meanwhile, if the convertible bonds worth 70 billion KRW held by Skylake and Crescendo after April 2023 are converted into common shares, their combined shareholding ratio will increase to 32.7%. Medipost is scheduled to receive the final appointment of the newly formed board of directors at the extraordinary general meeting of shareholders on the 29th of next month.