This article appeared on "Signal," the capital markets compass, on July 16, 2026, at 7:22 p.m.
NoAndPartners, a domestic private equity fund (PEF) manager, will acquire a 100% stake in FDC, Korea's first company to localize rupture disc production. With proprietary technology and confirmed growth in downstream industries, the firm plans to raise the company's value through governance restructuring, cost system reviews, and customer expansion.
According to the investment banking (IB) industry on the 16th, NoAndPartners has decided to acquire a 100% stake in FDC for 35 billion won. Under the structure, NoAndPartners' blind fund will establish a special purpose company (SPC) to acquire the shares held by CEO Yoon Ha-won and related parties. The fund was capitalized with the Korea Development Bank as anchor limited partner, along with the Export-Import Bank of Korea, the Korea Scientists and Engineers Mutual-aid Association, Korea Growth Investment Corporation, and the National Agricultural Cooperative Federation.
FDC succeeded in localizing rupture disc production for the first time in Korea in 1999 and has monopolized the domestic overpressure safety device market for 26 years. A rupture disc is a single-use pressure-relief safety device that, when pressure inside a pressure vessel or piping rises to a dangerous level, bursts by itself at a preset pressure to discharge fluid to the outside, preventing explosions and equipment damage.
NoAndPartners decided to acquire FDC after confirming the diversity of its downstream industries and their high growth potential. A notable point is that FDC's revenue is distributed across six industry groups. Because revenue arises from various industry groups, earnings volatility due to industry cycles is expected to be limited. Its major supply sectors are energy storage systems (ESS, 33% of revenue last year), pharmaceuticals (24%), shipbuilding (14%), semiconductors (13%), defense (10%), and nuclear power (6%).
Among these, FDC's core growth driver is its explosion-proof discs for ESS. The device discharges pressure and flames to the outside in the event of a fire or explosion inside a battery, preventing further damage to the battery pack and surrounding equipment. FDC has been selected as an explosion-proof disc supplier for five models in Samsung SDI's SBB product lineup. It has also secured an order backlog from LG Energy Solution and counts leading domestic battery makers among its customers.
Revenue and operating profit are increasing rapidly, and cash flow is also improving. FDC's revenue was 16.3 billion won in 2023 but surpassed 20 billion won to reach 20.7 billion won in 2024. Last year it grew to 23.3 billion won. During this period, earnings before interest, taxes, depreciation and amortization (EBITDA) also more than doubled from 2.5 billion won to 5.3 billion won. In particular, profitability improved sharply in 2025 as the share of high-margin ESS products expanded.
NoAndPartners plans to convert FDC's management structure into a co-CEO system, in which existing CEO Lee Jong-won oversees sales and production, while a newly appointed chief financial officer (CFO) takes charge of finance and administration. Three officials from NoAndPartners are also expected to join the board to support management upgrades and growth strategies.
