This article was displayed on the ChosunBiz MoneyMove (MM) website at 4:34 p.m. on Mar. 20, 2026.
The sale of Samhwa Foods' dessert franchise Yoajeong fell through. The deal collapsed after Samhwa Foods declined a price reduction requested by a domestic private equity fund (PEF) manager that had emerged as the buyer 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 by Samhwa Foods with the aim of selling a controlling equity stake in Yoajeong recently 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 negotiating rights.
Alma Partners, a fledgling PEF manager founded in 2024, pursued the acquisition, giving high marks to Yoajeong's top-line growth and overseas scalability. In particular, a domestic financial company joined as a co-general partner (Co-GP) for the Yoajeong acquisition, boosting transaction stability including funding.
Samhwa Foods, a soy sauce maker, became connected with Yoajeong as a limited partner (LP) of J&Partners, which had pushed to acquire Yoajeong in 2024. When J&Partners faced difficulties securing financing, Samhwa Foods alone provided most of the acquisition funds, and this year exercised a right of first refusal to become the sole owner.
Yoajeong debuted in 2021 as a dessert franchise where customers can enjoy yogurt ice cream by combining some 50 toppings to taste. Posts on social media (SNS) featuring photos of "favorite combos" topped with honeycomb, chocolate drizzle, and fresh fruit spread as a trend and gained popularity.
Price negotiations ran aground, leading to the failure of the sale of Yoajeong's management control. Reasons for a price cut continued to emerge during due diligence, including financial reviews, after the memorandum of understanding was signed. Citing shortfalls such as insufficient cash reserves, Alma Partners in fact proposed a final price below 100 billion won as the acquisition price for the controlling equity stake in Yoajeong.
Samhwa Foods was said to have consistently demanded a price above 110 billion won during negotiations. Considering that J&Partners spent 40 billion won to acquire Yoajeong in Aug. 2024, it was aiming for a return close to three times, and Samhwa Foods' final offer was understood to be 130 billion won.
Samhwa Foods is expected to continue pushing the sale of Yoajeong. Even during the period when it granted Alma Partners exclusive and sole negotiating rights, Samhwa Foods showed active moves toward a sale, receiving acquisition proposals. At the time, a Hong Kong asset manager also showed interest in acquiring management control of Yoajeong.
However, Samhwa Foods said the sale of Yoajeong has not been decided. A company representative said, "The sale of management control was pursued by managers such as J&Partners," adding, "This year we exercised the right of first refusal and let the manager go, and we negotiated only while the memorandum of understanding remained in effect."
[Counterstatement] Regarding <[Exclusive] 'We can't pay more than 100 billion won' Yoajeong franchise sale falls through>
Regarding the above report by this outlet, Samhwa Foods CEO Yang Seung-jae has said, "Samhwa Foods is not the party that directly pursued the sale or led the price negotiations." This report follows mediation by the Press Arbitration Commission.