Crescendo Equity Partners started the sale process for its 40.9% stake in HPSP, a South Korean semiconductor equipment manufacturer that ranks among the top firms listed on the KOSDAQ market.
The stake could be worth about 2 trillion won ($1.5 billion), according to people familiar with the matter. UBS is managing the sale, which has drawn interest from strategic and financial investors.
HPSP, which supplies high-pressure hydrogen annealing equipment to Samsung Electronics Co. and SK Hynix Inc., has seen its revenue surge since Crescendo’s 2017 investment. Sales jumped to 179.1 billion won in 2022 from just 2.4 billion won in 2018, while net income reached 66 billion won.
The company specializes in equipment that can process chips at lower temperatures using high-pressure hydrogen, making it suitable for manufacturing semiconductors below 2 nanometers. This technology has become increasingly critical as chipmakers push for more advanced manufacturing processes.
The sale comes as Crescendo holds the investment beyond the typical private equity timeframe of three to five years. HPSP’s shares rose 1.65% to 33,900 won in Seoul trading following news of the potential deal.
