This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:34 p.m. on Mar. 20, 2026.
The sale of dessert franchise YoaJeong by Samhwa Foods has fallen through. The deal collapsed after Samhwa Foods refused a price cut requested by a domestic private equity fund (PEF) manager that had emerged as the bidder following due diligence. Samhwa Foods was also understood to have shifted course to seek overseas investors.
According to the investment banking (IB) industry on the 20th, the memorandum of understanding signed recently by Samhwa Foods with the goal of selling a controlling equity stake in YoaJeong has expired. It came six months after Alma Partners was selected in September last year as the acquirer of 100% of the controlling equity stake in YoaJeong and was granted exclusive and sole negotiation rights.
Alma Partners, a newly established PEF manager founded in 2024, pursued the acquisition, giving high marks to YoaJeong's topline growth and overseas scalability. In particular, a domestic financial company stepped in as a co-general partner (Co-GP) for the YoaJeong acquisition, boosting transaction stability, including fundraising.
Samhwa Foods, a soy sauce maker, previously forged ties with YoaJeong by becoming a limited partner (LP) of J&Partners, which sought to acquire YoaJeong in 2024. When J&Partners faced difficulties raising funds, Samhwa Foods alone put up most of the acquisition payment, and this year it exercised a right of first refusal to become the sole owner.
YoaJeong, a dessert franchise launched in 2021, lets customers enjoy yogurt ice cream by combining some 50 toppings to their taste. Posts on social media (SNS) of "favorite combinations" decorated with honeycomb, chocolate drizzle and fresh fruit spread as a trend, driving popularity.
Price negotiations went awry, leading to the collapse of the YoaJeong control sale. Reasons for a price cut kept emerging during due diligence on finance and other areas after the memorandum of understanding was signed. Alma Partners in fact proposed a final price below 100 billion won as the purchase price for the controlling equity stake in YoaJeong, citing reasons such as a shortfall in cash reserves.
Samhwa Foods was said to have consistently demanded a price of at least 110 billion won during the talks. Considering that J&Partners spent 40 billion won to acquire YoaJeong in Aug. 2024, the company appears to have targeted a return nearly three times that amount, and Samhwa Foods' final offer was understood to be 130 billion won.
Samhwa Foods is expected to keep pursuing a sale of YoaJeong. Even during the period when it granted Alma Partners exclusive and sole negotiation rights, Samhwa Foods showed an active stance on a sale, receiving acquisition proposals. At the time, an asset management company in Hong Kong also showed interest in acquiring control of YoaJeong.
However, Samhwa Foods said the sale of YoaJeong has not been decided. A company representative said, "The sale of control was pursued by managers such as J&Partners," adding, "This year we exercised rights including a right of first refusal to remove the manager, and we only held talks while the memorandum of understanding remained in effect."