Corstone Asia buys Korea's Woojin Gijeon for $216M on AI power demand
What's the deal? Private equity manager Corstone AsiaDealroom has a profile for this one. Try Dealroom → has completed its acquisition of Woojin GijeonDealroom has a profile for this one. Try Dealroom →, a South Korean power equipment solutions company, for about 300 billion Korean won (roughly $216 million). It bought 100% of the company's shares from Curious PartnersDealroom has a profile for this one. Try Dealroom →, closing the deal a month after signing the stock purchase agreement in August.
Why now? Woojin Gijeon has emerged as a beneficiary of the AI-driven surge in power demand. Expectations of power grid expansion tied to the spread of AI data centers drew steady interest from limited partners.
How it was funded: Corstone Asia raised nearly 80% of the price through a US$192.8M project fund called "Kostone Grid Solution." The strong inflow into that fund cut planned acquisition financing from US$83.8M to about US$25.2M, easing interest costs at a rate in the high 6% range. Many LPs from the manager's third blind fund co-invested.
By the numbers: Founded in 1984, Woojin Gijeon distributes power equipment for industries such as semiconductors and displays, and has expanded into design and installation. Sales topped US$167.7M last year, while operating profit tripled to US$18.8M.
What's the endgame? Corstone Asia plans to scale the company using AI data center and semiconductor investment, then pursue exit routes such as an initial public offering. It also aims to accelerate overseas expansion and collaborate with portfolio firms in semiconductor equipment.
The other side: Curious Partners scored a profitable exit, selling roughly two years after buying the company for about US$197M in June 2024 — an estimated gain of some US$58.7M.
The signal: The deal shows how AI-driven electricity demand is reshaping investor appetite beyond chips and software, pulling capital toward the grid infrastructure that data centers depend on.
Read more: chosun.com
Image credit: woojin gijeon
