This article was displayed on the ChosunBiz MoneyMove (MM) website at 4:20 p.m. on May 12, 2026.
UCK Partners, a domestic private equity fund (PEF) manager, is expanding its foothold in the industry by acquiring one seaweed sheet maker and taking an equity stake in another. As a trend emerges of securing multiple companies at once rather than stopping at a single acquisition, the market views it as an investment premised on expanding the seaweed sheet industry.
According to the investment banking (IB) industry on the 12th, UCK Partners recently signed a stock purchase agreement (SPA) to acquire management control (80% equity) of Manjeon Food. The purchase price is said to be about 200 billion won. The transaction's enterprise-value multiple is around 12 times, higher than the typical 8–10 times for food processing. The market says the price is somewhat high but reflects a premium for the seaweed sheet industry.
In February, UCK Partners acquired 49.9% equity in seaweed sheet maker Haenong for about 30 billion won, becoming the second-largest shareholder. The stake came from existing investors Gravity PE and Otium Capital. The firm pursued both a control investment and a minority equity investment in the same industry within a short period.
The industry says this is an "investment aimed at securing a position within the industry beyond acquiring individual corporations." UCK Partners is known to have reviewed entry into the seaweed sheet industry for about 10 years. Manjeon Food is also understood to have been reviewed for acquisition even before it was put up for sale this time.
The investment is part of a bolt-on strategy (acquiring same-industry firms to attach them for synergy). An industry official said the move appears to reflect an intent to expand purchasing power, given the industry's characteristic volatility in raw seaweed (pre-processing seaweed materials and supplies) prices.
Another investment rationale is that Haenong and Manjeon Food focus on different core markets. Haenong has grown around business-to-business (B2B) transactions and built production lines for exports, while Manjeon Food is a corporations-to-consumer (B2C) player with strengths in consumer product development and brand building. It is also positive that the two companies' export destinations do not overlap.
There is also a geographic advantage. Manjeon Food's second plant in Mokpo and Haenong's raw seaweed plant are adjacent, about 100 meters apart with only another company's plant between them. That is why there are expectations of synergies such as sharing production facilities. The industry also suggests the investment may contemplate a potential merger down the line.
The potential for overseas market expansion is also cited as a key investment backdrop. The seaweed sheet industry is a representative export category that has grown on the spread of K-food. Last year's seaweed sheet exports totaled about $1.13 billion (about 1.7 trillion won), an all-time high. Recently, while raw seaweed production in China and Japan has been weak, demand for Korean seaweed sheets has held steady. Also, through online video service (OTT) content such as Netflix, indirect promotion of Korean seaweed sheets has continued, and demand is increasing for low-calorie, vegan, and gluten-free foods.
Still, some worry that the private equity industry's concurrent entry may mark a peak. Key risks include volatility in raw seaweed prices, supply-demand uncertainty, the supply impact of major producers (China and Japan), and valuation pressure amid a recent rise in transactions. An industry official said the key to this acquisition will ultimately be achieving overseas market expansion and growth in high value-added products.