Skylake Incuvest’s private equity fund has agreed to exit its investment in South Korean electronic components manufacturer SCD in a cash-only deal, it is understood.
Japanese company Nidec Sankyo said it plans to buy 51.42 per cent of the company from Skylake, which invested in the company in 2010.
SCD makes domestic motors used as components in home appliances such as refrigerators and air-conditioners.
The company is planning to accelerate its growth by expanding its product range and customer base in response to the growing demand for home appliances in emerging markets, according to Skylake’s website.
Financial details of the transaction were not disclosed.
The company, which makes parts for temperature sensors for use in cars, household appliances and industrial equipment, is backed by US private equity firm WL Ross & Co.
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