This article was published on the ChosunBiz MoneyMove (MM) site at 8:38 a.m. on Sep. 10, 2025.
DIOcean Asset Management, a consortium led by DIOcean Asset Management, was selected as the preferred bidder to acquire SK oceanplant, a subsidiary of SK ecoplant. DIOcean Asset Management drew attention despite being a newly formed company because it is known to have been founded by a close aide of Kang Duk-soo.
However, the funds DIOcean Asset Management is providing for this acquisition of SK oceanplant are minimal compared with the total purchase price. Other financial investors (FI) and strategic investors (SI) are supplying the funds, and DIOcean Asset Management will focus on providing management consulting.
On the 10th, people in the investment banking (IB) industry said DIOcean Asset Management, together with Osung Advanced Material and domestic private equity firm Noan Partners, agreed to acquire 37% equity representing the controlling stake in SK oceanplant held by SK ecoplant. The purchase price was reported to be in the high 400 billion won range.
DIOcean Asset Management is a newly established manager founded in March last year. SU M Global (formerly DIOcean Invest) currently holds 100% of the equity, and SU M Global employs Kang Duk-soo's daughter, Kang Kyung-rim, as an auditor. The current CEO leading DIOcean Asset Management, Chung Jung-soo, is also a former STX executive, and director Choi Im-yeop, listed as a nonexecutive director, previously served as CEO of STX Engine. Because of this background, people in investment banking and the business community speculated that Kang might return to management.
But it is reported that the funds DIOcean Asset Management is shouldering for this SK oceanplant acquisition amount to only several hundred million won in GP money from the manager. An IB industry official said, "Although the consortium's name is the DIOcean consortium, it is difficult to view DIOcean as the main acquirer."
Among the acquisition funds for SK oceanplant, the senior acquisition financing of 150 billion won will be fully underwritten by Hana Bank and then selldown. Hana Bank is said to have even submitted a letter of commitment (LOC). Noan Partners is considering contributing 100 billion won in mezzanine equity. The remainder will be contributed by Osung Advanced Material as subordinated capital. Osung Advanced Material will enter the fund that DIOcean Asset Management sets up as a limited partner (LP).
Industry sources see DIOcean Asset Management's role in this bidding as closer to providing management consulting. Kang Duk-soo, once lauded as "a salaryman legend," grew STX Group into the nation's 14th-largest company by asset size (22 trillion won) during the 2000s shipping and shipbuilding boom. He is said to have participated in this acquisition to pass that know-how on to SK oceanplant. In fact, SK oceanplant itself acquired STX Offshore & Shipbuilding's defense division in 2019, giving it past experience building navy fast craft and next-generation landing ships.