This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:22 p.m. on Jul. 9, 2026.
The acquisition of Woojin M&E, a power equipment solutions specialist, by private equity fund (PEF) manager KStone Partners has gathered momentum. As Woojin M&E emerges as a beneficiary of rising power demand driven by artificial intelligence (AI), fundraising from limited partners (LPs) to finance the deal is proceeding smoothly.
According to the investment banking (IB) industry on the 9th, KStone Partners recently began on-site due diligence on Woojin M&E for LPs. The company plans to raise acquisition financing by adding a new project fund to a portion of its third blind fund capital, and the core of the process is visits to the business sites by LPs slated to commit to the project fund.
The acquisition target is the entire 100% equity in Woojin M&E held by Curious Partners through its special-purpose company (SPC), Curious Voltage LLC, and a sale price north of 300 billion won is being discussed. LP due diligence typically occurs at the final stage of raising acquisition funds, and observers say the transaction has entered the closing phase.
Woojin M&E, founded in 1984, is a distributor specializing in power equipment used in the semiconductor and display industries. Going beyond simple distribution, it expanded its business to the design and installation of power equipment, and last year its revenue topped 200 billion won. Operating profit was 22.4 billion won, about triple from the previous year.
KStone Partners was selected as the preferred bidder to acquire Woojin M&E in May. It comes about two years after Curious Partners acquired Woojin M&E in Jun. 2024, and the sale gathered pace as PEF manager Pole Capital, which took part as an LP in Curious Partners' Woojin M&E acquisition project fund, moved to exercise a call option.
Pole Capital previously participated as a key LP when Curious Partners formed the Woojin M&E acquisition project fund and secured a call option allowing "itself or a third party designated by itself to acquire the asset." Early this year, Pole Capital exercised the call option and simultaneously began the equity sale process.
Pole Capital first proposed that Curious Partners re-acquire Woojin M&E, but the attempt fell through. Curious Partners had already made two investments—a 180 billion won convertible bond (CB) investment in 2020 and an acquisition of management control in 2024—and was said to have felt burdened about proceeding with a third investment.
KStone Partners is said to have highly valued Woojin M&E's cash-generation capacity and potential. With demand for power equipment increasing due to AI data center and semiconductor plant expansions, it judged that Woojin M&E's order base is also strengthening. Last year's earnings before interest, taxes, depreciation and amortization (EBITDA) was tallied at 24 billion won.
An IB industry official said, "I understand LPs are highly interested as power demand is expanding due to AI," adding, "KStone Partners plans to sign a share purchase agreement (SPA) after finalizing the acquisition price, and as fundraising enters the final stages, there is a view that the main contract is imminent."