This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:57 p.m. on Mar. 19, 2026.
The sale of management control of Cleanwrap, the No. 1 kitchenware company, is being delayed. The consortium of private equity (PE) firms Pointers Private Equity (PE) and Leesang Partners, selected as the preferred bidder late last year, is struggling to raise funds. Analysts say the lack of a blind fund for this deal and the firms' short track records—meaning limited deal experience—are holding it back.
According to the investment banking (IB) industry on the 19th, the Pointers PE–Leesang Partners consortium is pursuing the acquisition of management control of Cleanwrap, but is having difficulty raising funds as limited partners (LPs), including financial institutions, are not being secured as planned. The consortium had initially drawn up a plan to raise about 80 billion won and began fundraising, but finalizing investors has been delayed, slowing the overall schedule.
The Pointers PE–Leesang Partners consortium structured the transaction to secure management control by acquiring part of the equity held by eldest son Jeon Gi-young and the government's equity. The two sides signed a term sheet containing the key conditions and completed due diligence. However, as fundraising is delayed, uncertainty over closing the transaction is growing.
Multiple factors appear to be behind the funding difficulties. First, higher interest costs and weaker investor sentiment have strengthened LPs' selective approach to buyout deals involving small and mid-sized companies. In addition, the need to raise capital through a project fund structure is seen as a burden for investors.
Another variable is that Pointers PE is a relatively new manager. Pointers PE completed its general partner (GP) registration at the end of 2023 and hired key investment staff early last year, making it a newcomer. In effect, this Cleanwrap acquisition would be its first buyout deal. Leesang Partners, participating as a joint GP, has built a track record since its 2016 founding by focusing on materials, parts, and equipment companies, including KOSDAQ-listed Segyung Hitech and factory automation solutions company KAiS.
As a result, closing the Cleanwrap deal is expected to take some time. Some even say the transaction itself could fall through. An industry official said, "Recently, limited partners are applying more conservative standards to new managers than before," and added, "In particular, because project funds hinge on a manager's deal experience and credibility, it inevitably takes time to persuade investors."
Founded in 1981, Cleanwrap is the industry's top household goods company, best known for kitchen plastic wrap and rubber gloves. After founder and former Chairman Jeon Byung-su died in 2020, a management control dispute among siblings disrupted operations, and the company went through twists and turns, including filing for corporate rehabilitation at the time. Later, a court ruling recognized the eldest son's management control, and the company is now in a normalization phase.