Costone Asia to acquire Woojin Electric, sign SPA Monday

Private equity fund manager Costone Asia is set to acquire Woojin Electric, a specialist in power equipment.

According to investment banking industry sources, Costone Asia will sign a share purchase agreement Monday to take over management control of Woojin Electric.

The acquisition covers the entire 100 percent stake in Woojin Electric held by Curious Partners through its SPC, Curious Voltage LLC. The deal is valued at just above 300 billion won ($211 million). Costone Asia plans to fund the purchase using a portion of its existing third blind fund combined with a newly established project fund.

Founded in 1984, Woojin Electric manufactures and sells electronic equipment, supplying power infrastructure to key advanced industries including semiconductors, displays, secondary batteries and data centers. The company has maintained solid operating profit and cash generation. Since being acquired by Curious Partners in 2024, its sales rose from 194 billion won in 2024 to 207.3 billion won last year, while operating profit jumped from 7.9 billion won to 22.4 billion won over the same period.

Surging demand for power equipment driven by AI further boosted earnings, with EBITDA jumping from 9.4 billion won in 2024 to 24 billion won last year. The acquisition multiple is estimated at roughly 12 times EBITDA.

Woojin Electric has changed private equity hands several times — passing through Skylake Equity Partners in 2015, Ace PE in 2018 and Curious Partners in 2024. Curious Partners first invested in the company through a convertible bond in 2020 before acquiring full management control for 260 billion won in 2024, and will now recoup its investment within two years.

The sale was set in motion when Singapore-based private equity fund Pole Capital, a key limited partner in the project fund Curious Partners used for its 2024 acquisition, exercised a call option. Costone Asia was named preferred bidder in the acquisition process held in May. The firm placed high value on Woojin Electric's distinctive technological capabilities and the potential for growing power demand as AI-related upstream industries expand.

Costone Asia has a track record of successfully raising the enterprise value of small and midsize companies, including OLED and semiconductor equipment maker HB Solution and medical display specialist D&T. The firm's strengths lie in maximizing portfolio companies' competitiveness through the introduction of professional management and operational improvements following acquisition.

After completing the deal, Costone Asia plans to push ahead with Woojin Electric's overseas expansion in earnest. The firm intends to leverage its global network to accelerate entry into the US market while generating business synergies with existing portfolio companies and pursuing new business lines to further enhance Woojin Electric's enterprise value.