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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Private equity firm La Défense Partners has stepped in to support the founding family of Oscotec, as the company moves to stabilize its governance structure following the passing of its founder.
According to investment banking sources on June 9, La Défense Partners will work alongside Kim Seong-yeon, heir to the late founder Kim Jeong-geun, to address governance issues involving Oscotec and its U.S. subsidiary Genosco.
While the firm stated that its role is to enhance value for all shareholders, market observers largely view the move as aligning with the interests of the founding family. The involvement comes amid mounting challenges, including inheritance tax obligations and ownership restructuring following the founder’s death earlier this year.
Kim is expected to inherit a stake valued at approximately 240 billion won, with estimated inheritance tax liabilities ranging from 120 billion to 140 billion won. However, even after succession, the family’s ownership is projected to remain at around 12%, leaving a relatively narrow gap with the second-largest shareholder.
The situation is further complicated by ongoing disputes with minority shareholders over the valuation and potential full ownership of Genosco. Kim holds approximately 13% of Genosco, and market speculation suggests the stake could be sold or exchanged for Oscotec shares to secure funds for inheritance taxes.
La Défense Partners is expected to play a central role as a negotiation channel, helping coordinate discussions on valuation, stake restructuring, and governance stabilization.
The firm has previously taken on a similar role during a high-profile governance dispute at Hanmi Pharmaceutical Group, where it supported a coalition of key stakeholders and secured board representation.
The latest move highlights increasing involvement of private equity firms in corporate governance restructuring within South Korea’s biotech sector.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
