Standard Chartered’s private equity arm has backed Korean equipment rental service provider AJ Networks with a $60m investment.
The company’s products include office IT equipment, pallets, aerial lifts and construction equipment.
AJ Network is currently the largest shareholder of KOSPI-listed car rental business AJ Rent A Car. Standard Chartered Private Equity (SCPE) said this was Korea’s second largest company in the sector.
Head of Korea at SCPE Taeyub Kim said, “AJ Networks has established leading market positions in fast-growing segments within the larger rental industry in Korea.
“We are excited about the company’s growth strategy amid the backdrop of rapidly rising industry demand for rental goods. We look forward to supporting the Company’s expansion plans both domestically and internationally.”
SCPE’s other recent deals include the acquisition of a 13 per cent stake in African retail group Choppies Enterprises.
The company, which operates in Botswana, Zimbabwe and South Africa, was reportedly valued at $60m.
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