RION has been acquired by JKL Partners

November 2025 — HES Capital Partners has sold RION Co., Ltd. to JKL Partners, which acquired a 92% stake in the company, valuing RION at approximately US$138 million. The transaction provides RION with a partner well placed to accelerate its growth, scale its capabilities and deepen its mission-critical role in the global semiconductor supply chain.

RION is a Korea-based manufacturer specializing in consumable components for semiconductor chemical mechanical planarization (CMP) processes. The company designs and produces high-quality precision parts, primarily silicone-based components, used in critical polishing stages of semiconductor fabrication, where process stability, contamination control and durability are essential. RION supplies blue-chip customers, including leading global semiconductor manufacturers such as Samsung Electronics and SK Hynix.

JKL Partners is a Seoul-based private equity firm founded in 2001, specializing in the Korean mid-market with a proven control buy-out strategy. The firm targets buy-out and corporate restructuring opportunities and actively supports value creation within its portfolio companies, advising on growth strategy, financial management and M&A as a hands-on change manager.

HES Capital Partners is a Seoul-based private equity firm focused on corporate investments and value creation opportunities across South Korea. Established in 2015, the firm manages private investment vehicles targeting control and growth-oriented investments across a range of sectors, including industrials, technology and business services.

Our role in the transaction

Oaklins’ team in Korea acted as the exclusive sell-side M&A advisor to HES Capital Partners on the sale of RION. The transaction underscores the team’s deep advisory expertise in the semiconductor and industrial technology sectors, successfully navigating a complex sponsor-to-sponsor process to deliver a full control transfer from one financial investor to a buy-out-focused private equity firm.