Fintech firm Finger takes control of battery-mixing maker Jeil M&S in $23M deal
What's the deal? South Korean fintech company Finger has taken control of battery-mixing equipment maker Jeil M&SDealroom has a profile for this one. Try Dealroom → through a US$26M (roughly $23 million) acquisition. The deal ends owner-led management at Jeil M&S, about 10 months after it filed for court receivership amid a liquidity crisis.
How it's structured: Finger invested US$11.7M into an investment fund that controls FG Investment No. 3Dealroom has a profile for this one. Try Dealroom →, a special purpose vehicle set up to buy Jeil M&S. That SPC completed a US$13M third-party rights issue, taking a 79.91% stake at US$0.42 per share. The full US$26M package splits evenly between new shares and corporate bonds.
What changes? Former top shareholder and chief executive officer Lee Young-jin saw his stake fall to 0.58%. Ahead of the handover, the Suwon Bankruptcy Court approved Jeil M&S's rehabilitation plan on 8 October. The company converted US$60.9M of debt into equity, then cut its share count by 95.24%.
What's the endgame? Finger, whose business centres on financial IT, is pushing into manufacturing equipment. Jeil M&S holds technical strength in mixing — a core step in making battery electrodes that blends cathode materials, conductive agents, and binders into slurry.
Why it matters: Jeil M&S localised large mixing equipment for Samsung SDIDealroom has a profile for this one. Try Dealroom → in 2007 and later expanded to clients including LG Energy SolutionDealroom has a profile for this one. Try Dealroom →. In 2024, it was named to Samsung SDI's key partner group, the SSP.
Who else is involved? The deal drew capital tied to the extended LG family. Pruven InvestmentDealroom has a profile for this one. Try Dealroom →, which co-manages the fund with Finger, is the venture arm of Pruven GroupDealroom has a profile for this one. Try Dealroom →. New shares are set to list on 18 November.
What could go wrong? Jeil M&S will use the new funds to repay rehabilitation debts. Its recovery still hinges on clearing those obligations, reshuffling management, and restoring ties with major customers.
The signal: A fintech firm buying a distressed battery-equipment maker shows how Korean capital is moving across sectors to pick up specialist manufacturers with proven supply chains — in this case, a company whose technology serves the country's biggest battery makers.
Read more: thelec.kr
Image credit: Kitmondo.com
