MBK Partners Completes 2.4 Trillion Won Acquisition of Medit

MBK Partners has completed the acquisition of Medit, the world's number one oral scanner company.

According to the investment banking (IB) industry on the 31st, MBK Partners finalized the payment procedure for the acquisition of Medit on the same day. The stock purchase agreement (SPA) was signed on December 29 last year, completing the deal in just over three months.

The transaction involved 99.5% of the existing shares held by UCK Partners, the founder, and related parties. Medit's founder and CEO, Jang Min-ho, along with related parties, reinvested a significant portion of the proceeds from the share sale. The purchase price for 99.5% of the existing shares was 2.425 trillion KRW.

Medit is the global leader in the oral scanner solution sector. Its global market share rose from 22% in 2021 to 24% in 2022.

According to market research firms, the global oral scanner market has grown at an average annual rate of 24% from 2018 to last year, and it is expected to record a growth rate of over 28% from this year through 2027.

This is due to the anticipated expansion of market penetration. The global market penetration rate of oral scanners, which was only 3.9% in 2018, reached the 10% range in 2022 and is expected to rise to the 30-40% range by 2027.

Medit's 2022 revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) are projected to increase by 45% compared to 2021, reaching approximately 270 billion KRW and 150 billion KRW, respectively.

An MBK Partners representative stated, "We are pleased to invest in Medit, which has achieved remarkable growth in the global digital dental market," adding, "Through MBK Partners' insights and global network, we will strengthen capabilities in existing markets and pursue strategic expansion in new markets such as China."

He continued, "We will upgrade the management system by investing in quality, technology, and digital innovation, as well as recruiting new talent, to multiply the organization's capabilities. Together with the founder, related parties, management, and employees, we aim to grow Medit beyond being the number one oral scanner company into a leading digital dental platform company where medical professionals, dealerships, solutions, and devices form an ecosystem," he said.

Bain & Company provided management consulting for MBK Partners' acquisition of Medit, Deloitte served as financial advisor, and Kim & Chang handled legal advisory.