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We have built a successful track record of equity investments through a disciplined and value-oriented approach, hands-on management, and innovative deal structuring.
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Anoto Group AB |
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T·IME
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In September 2007, the Digital Convergence Buyout Fund conducted a landmark transaction in the Korean education industry by acquiring controlling stakes in seven companies: six education institutes with coverage over the entire Seoul metropolitan area, and one leading textbook publishing house. TStone consolidated the seven portfolio companies to create T·IME, the largest comprehensive education company in Korea. Over the course of one year, T·IME acquired 20 additional education companies (ten education institutes, two publishers, and eight online education companies).
With over 200,000 students and 4,500 teachers spread over 900 campuses, T·IME is the largest comprehensive education company in Korea. T·IME is fully integrated vertically and horizontally by geography, subjects of instruction, and student level (primary and secondary). Furthermore, T·IME provides premium online and offline content through its internet and publishing units.
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Offline Institutes |
 * T·IME NETWORKS includes eight institutes in the Busan metropolitan area.
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Online Education Services |
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Foreign Language Institutes |
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Textbook Publishing Houses |
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GameOn
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In November 2007, the Digital Convergence Buyout Fund acquired a controlling stake in GameOn, a leading Japanese online game publisher, in conjunction with Neowiz Games, one of Korea's largest online game development and publishing companies. Listed on the Tokyo Stock Exchange Mothers Section, GameOn is the second-largest company by market capitalization in the online game market, the fastest growing segment in the overall Japanese game market. GameOn currently publishes a portfolio of eight leading MMORPG and casual games.
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Amicus Wireless Technology
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Amicus is a wireless broadband chipset manufacturer based in Silicon Valley that was founded in 2005 by a group of core engineers from global semiconductor corporations such as Intel, Atheros, and Airgo. Amicus is a pioneer of the WiMAX market. TStone invested a minority equity stake in Amicus in January 2007.
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Woori Home Shopping (currently Lotte Home Shopping)
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Established in 2001, Woori Home Shopping is one of five companies in Korea's US$6 billion home shopping industry. TStone invested in the company in December 2004 by securing a minority equity stake with management control rights. Working directly with top management to improve the operational efficiency of the company, TStone was able to grow the business from a US$400 million revenue company into a US$625 million company in two years. In that time, earnings increased three-fold from US$16 million to US$56 million. TStone exited the investment in January 2007 by selling our shares at 11.7x the entry price to Korea's largest retail conglomerate, Lotte Shopping.
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Mnet Building
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The Mnet Building is a major landmark commercial building built in 1991 in Chungdam-dong, Seoul's primary commercial, shopping and entertainment district. TStone acquired controlling ownership of the property in 2003. Within two years, TStone improved the building's tenant mix and profitability through hands-on management and exited the investment at 2.4x MoC in 2004.
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Dreamcity Media
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Dreamcity Media was established in 1997 and is a major cable TV system operator in Korea. In 2000, TStone acquired a minority equity stake and actively participated in the management of the company. TStone led a consolidation strategy to acquire 13 smaller regional system operator competitors and structured a successful exit to a private equity fund in 2001 at 1.9x MoC. Dreamcity is currently owned by CJ Cablenet, the largest MSO (multiple system operator) in Korea.
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