Korean private equity fund (PEF) VIG Partners said on Tuesday it has signed a deal to acquire Youyoung Co., a shoe fabrics manufacturer, for 220 billion won ($206 million).

The unlisted Korean manufacturer founded in Busan in 1991 has provided outer fabrics for footwear to global sports retailers including Nike, Adidas, Under Armour, New Balance and Puma. In 2015, it co-developed a new product manufacturing method to realize one-body outer fabrics.

Youyoung has continued sharp growth at 32 percent CAGR since 2012 when its top line totaled 21.1 billion won. It reported an operating profit of 20 billion won over revenue of 84 billion won in 2016.

VIG Partners is due to appoint Kim Beom-joon, former head of KT Corp.’s value management office, as new chief executive of Youyoung.

The all-cash deal marks the fourth investment from a 700 billion won fund raised by VIG Partners.

By Jeon Kyung-woon and Minu Kim

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