Demands Over 110 Billion Won as Alma Partners Offers Below 100 Billion

This article was posted on the Chosun Biz Money Move (MM) site at 4:34 p.m. on March 20, 2026.

The sale of Samhwa Foods' dessert franchise Yoajeong has fallen through. The deal collapsed after Samhwa Foods rejected a price reduction request from a domestic private equity fund (PEF) operator that had stepped forward as a buyer following due diligence. It was also reported that Samhwa Foods had shifted its sale strategy to secure overseas investors.

Samhwa Foods

According to the investment banking (IB) industry on the 20th, the memorandum of understanding (MOU) signed by Samhwa Foods to sell its controlling stake in Yoajeong recently expired. Six months after selecting Alma Partners as the 100% controlling stake buyer for Yoajeong in September of last year and granting it exclusive negotiation rights, the deal unraveled.

Alma Partners, a newly established PEF operator founded in 2024, had pushed for the acquisition, highly valuing Yoajeong's growth potential and overseas expansion capabilities. Notably, a domestic financial institution joined as a co-general partner (Co-GP) for the Yoajeong acquisition, enhancing the transaction's stability through funding support.

Samhwa Foods, a soy sauce manufacturer, had previously connected with Yoajeong by acting as a limited partner (LP) for J&Partners, which had attempted to acquire Yoajeong in 2024. When J&Partners faced funding difficulties, Samhwa Foods independently invested most of the acquisition cost and became the sole owner this year by exercising its right of first refusal.

Yoajeong

Yoajeong, a dessert franchise launched in 2021, allows customers to customize yogurt ice cream with over 50 toppings. It gained popularity as photos of "favorite combinations" decorated with honeycomb, chocolate drizzle, and fresh fruits spread on social media (SNS).

Price negotiation issues led to the collapse of Yoajeong's controlling stake sale. During financial due diligence after the MOU, reasons for price reductions emerged one after another. Alma Partners ultimately offered a price below 100 billion Korean won for the controlling stake, citing insufficient cash reserves, among other reasons.

Samhwa Foods reportedly consistently demanded a price of over 110 billion Korean won during negotiations. Considering that J&Partners spent 40 billion Korean won to acquire Yoajeong in August 2024, Samhwa Foods aimed for nearly triple the profit, with its final offer reportedly reaching 130 billion Korean won.

Korean

Samhwa Foods is expected to continue pursuing the sale of Yoajeong. Even during the period when Alma Partners held exclusive negotiation rights, Samhwa Foods actively sought acquisition proposals. At the time, a Hong Kong asset management company also expressed interest in acquiring Yoajeong's controlling stake.

However, Samhwa Foods stated that the sale of Yoajeong remains undecided. A source explained, "The sale of the controlling stake was a matter pursued by operators like J&Partners. This year, we exercised the right of first refusal and ousted the operator, proceeding with negotiations only until the MOU's validity period expired."

The wider picture

Retail decisions rarely happen all at once. What looks like a sudden change of direction is usually the visible end of months of testing, costing and quiet negotiation behind the scenes.

What to remember

  • Demands Over 110 Billion Won as Alma Partners Offers Below 100 Billion
  • The sale of Samhwa Foods' dessert franchise Yoajeong has fallen through
  • According to the investment banking (IB) industry on the 20th, the memorandum of understanding (MOU) signed by Samhwa Foods to sell its controlling stake in Yoajeong recently expired
  • Alma Partners, a newly established PEF operator founded in 2024, had pushed for the acquisition, highly valuing Yoajeong's growth potential and overseas expansion capabilities
  • Samhwa Foods, a soy sauce manufacturer, had previously connected with Yoajeong by acting as a limited partner (LP) for J&Partners

The numbers worth knowing

  • This article was posted on the Chosun Biz Money Move (MM) site at 4:34 p.m. on March 20, 2026
  • Samhwa Foods, a soy sauce manufacturer, had previously connected with Yoajeong by acting as a limited partner (LP) for J&Partners, which had attempted to acquire Yoajeong in 2024
  • Yoajeong, a dessert franchise launched in 2021, allows customers to customize yogurt ice cream with over 50 toppings

What people ask

What should you know about Samhwa Foods?

The sale of Samhwa Foods' dessert franchise Yoajeong has fallen through.

What happens next?

Samhwa Foods is expected to continue pursuing the sale of Yoajeong.

The bottom line

None of this settles the wider question. It does make one thing harder to ignore: the pressure in the food industry has shifted, and others will have to respond to it.