ACE Equity buys Korean electric machinery maker
ACE Equity Partners, a Korean private equity firm established last year by former SkyLake Investment executive David Ko, has purchased a 100% interest in Woojin Electric Machinery for approximately $200 million.
This is the GP’s third buyout, following the purchases of factory automation software provider Aim Systems and Dong Ah Chemical, a manufacturer of eco-friendly chemicals. The latter is a co-investment with Crescendo Equity Partners, another local mid-market PE firm. ACE has thus far raised project funds to finance its deals.
Woojin is primed for bolt-on acquisitions and expansion into China ahead of an IPO, currently planned for 2019. The company supplies power equipment and electrical engineering solutions to Korea’s leading semiconductor and display manufacturers. It also works with electricity and power distributors and providers. Woojin is said to have generated $220 million in revenue and $30 million in EBITDA for the 2017 financial year.
ACE focuses on growth and buyout opportunities that involve IT and the application of technology solutions in traditional industries. It has around KRW350 billion ($327 million) in assets under management. Ko spent 11 years with SkyLake, most recently as a senior managing director, prior to launching ACE. The leadership team also includes Peter Baek, a director who previously handled cross-border investments for JKL Partners.
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