[Alpha Biz= Paul Lee] Seoul, September 1, 2025 — Private equity firm Keystone Partners has acquired Goodsflo, the logistics subsidiary of SK Energy, in a deal reportedly valued at under KRW 50 billion, according to investment banking industry sources.



Goodsflo, established in 1999, is an e-commerce logistics platform. It was incorporated as an SK Energy subsidiary in 2023, when the company sought to create synergies by utilizing gas stations as urban logistics hubs. However, with e-commerce growth slowing and the logistics conversion model proving less profitable, Goodsflo was reclassified as a non-core asset and put up for sale. SK REITs is also moving to divest SK Energy’s directly owned gas station assets as part of the broader portfolio rebalancing effort.



For Keystone Partners, the acquisition represents a bolt-on strategy to its portfolio company PIMS, a backend solutions provider for e-commerce operations established in 2004 and acquired by Keystone in 2023.



Meanwhile, SK Innovation — the parent of SK Energy — recently announced a large-scale capital raise of up to KRW 8 trillion this year, following the merger of its affiliates SK On and SK Enmove. A significant portion of the funds will be raised through Price Return Swaps (PRS) with financial institutions. Although PRS is not recognized as debt on financial statements, SK Innovation remains liable to cover potential losses should its stock price decline.

 

 

 

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