Mirae Asset Global Investments (Mirae) announced that it has made a $200 million investment in Essex Solutions, a U.S. magnet wire manufacturer through a holding company owned by South Korea’s LS Cable & System.

Last August, Superior Essex, as part of its buyout of Essex Furukawa Magnet Wire, announced that the company would change its brand name to Essex Solutions. Under the new name it would encompass all current Essex Furukawa Magnet Wire locations worldwide. That includes Essex Energy in Italy. Also, to further strengthen operations, the related businesses Lacroix + Kress, IVA Insulations and Hi-Wire would join the Essex Solutions organization, while continuing to operate under their existing brand identity.

A January press release said that the latest news fits in the company’s plans. “With the investment, the market capitalization of Essex Solutions is to jump to around $1 billion, bolstering its initial public offering plan. LS Group seeks to make Essex Solutions go public within this year.”

Per a report in Korea JoonAng Daily, the consortium of Mirae Asset and the Korea Climate & Governance Improvement Fund secured around a 20% stake in Essex Solutions. The pre-IPO valuation of Essex Solutions was approximately $1 billion. It noted that Essex Solutions holds a dominance in the U.S. magnet wire market as the leading supplier, with production bases across North and South America, Europe and Asia. The company aims to secure a market share of more than 70% in North America and 50% in Europe in the next five years. The LS Group holding company plans to list the company on Nasdaq.

Founded in 1997, Mirae Asset notes that it is one of the largest independent financial groups in Asia, providing comprehensive services to clients worldwide. It has a presence in 19 global markets and the group’s managed assets worldwide exceed US$632.3 billion.