TPG to sell off Korean luxury tile firm Nox's parent for $421 mn

US alternative investment manager TPG Inc. is poised to sell a 65% stake in South Korea’s Moleem Corp., the parent of global leading luxury vinyl tiles (LVT) flooring firm Nox Corp., for around 600 billion won ($420.7 million).

TPG has selected Morgan Stanley as the lead manager and sent teasers to potential buyers, according to sources familiar with the matter on Nov. 3.

The Texas-based alternative investment firm acquired a 65% stake in Moleem for 360 billion won in 2017. The deal could increase up to 1 trillion won if Moleem CEO Koh Dong-hwan (Dan DH Koh) exercises his tag-along right to sell the remaining 35% shares in Nox he holds.

Founded in 1994, Nox is exporting LVT to around 50 countries. It posted 282.5 billion won in revenue and 34.2 billion won in operating profits last year, mostly from the US, Europe and Japan.

LVT uses a realistic photographic print film and a clear vinyl layer that allows a variety of design concepts. The Korean flooring company has provided LVT to a Marriott Hotel and W in New York, a lounge in Paris Charles de Gaulle Airport and a Hermès store in Paris.
 
In a bid to expand its presence on the global stage, Nox has established its plants in Ohio, the US and Vietnam, as well as acquired a Korea-based factory and research & development center of Hunter Douglas N.V., a Dutch window blinds and coverings maker.

Write to Chae-Yeon Kim at why29@hankyung.com
Jihyun Kim edited this article.