This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:09 p.m. on Feb. 10, 2026.
Domestic private equity fund (PEF) manager UCK Partners has decided to delay the timing of the sale of Eomji Food. Although it selected a lead manager last year and began the sale process by distributing a teaser letter, it has shifted strategy to seek a reassessment of its corporate value after the merger synergy with Suzis Cuisine is fully reflected in results.
According to the investment banking (IB) industry, UCK Partners has tentatively postponed the sale of its controlling stake in Eomji Food until after the end of this year. Initially, the sell-side selected Samjong KPMG as the sale manager in the second half of last year and began contacting potential buyers. At the time, multiple buyers, including some large corporations and mid-sized corporations, are said to have proactively inquired about an acquisition.
However, there were reportedly differences in views over corporate value during negotiations. The sell-side expects the cost-saving and sales-expansion effects from the merger with home meal replacement (HMR) specialist Suzis Cuisine, acquired in 2023, to begin in earnest. Internally, it expects earnings before interest, taxes, depreciation and amortization (EBITDA) to exceed 20 billion won. Buyers, on the other hand, are said to be reluctant to apply a valuation that pre-reflects synergies that have not yet been fully reflected in the financial statements.
Accordingly, UCK Partners has decided to consider restarting the deal after the merger effects are confirmed in results, rather than rushing the sale. Discussions with buyers have not been completely halted, but it is not an aggressive sale process aimed at closing a transaction in the short term.
Eomji Food is a small and medium-sized original equipment manufacturer (OEM) in the food sector. It has strengths in producing dumplings and fried rice, known as the "top 2" of frozen foods. Recently, it has also been focusing on the business-to-consumer (B2C) market and expanding overseas sales channels. UCK Partners acquired about 70% equity in Eomji Food for 30 billion won in 2022 and has since raised its ownership into the 80% range.
It then executed a bolt-on strategy in 2023 by acquiring Suzis Cuisine and merging it with Eomji Food. The plan was to unify the value chain by combining Eomji Food, which has production facilities and manufacturing capabilities, with Suzis Cuisine, which has product development, marketing, and overseas sales capabilities. After the merger, Eomji Food established a system to produce key frozen HMR product lines—dumplings, fried rice, and processed meat—in-house.
Performance is also continuing to improve. On a standalone basis, sales rose from 80.9 billion won in 2022 to 97.7 billion won in 2023, and operating profit expanded from 1.1 billion won to 4.7 billion won. EBITDA, a cash generation indicator, also increased from 4.9 billion won to 7.9 billion won. As of the end of last year, annual EBITDA is said to have comfortably exceeded 10 billion won.
In the industry, there is also a view that if the effects of the Suzis Cuisine merger are fully reflected this year, EBITDA could exceed 20 billion won. Analysts say that if the expansion of overseas distribution networks, including supply contracts with Costco and Sam's Club in the United States, gains traction, sales leverage effects can be expected.