UCK Partners to acquire 80% of Sulbing for KRW 130bn
- Deal value
- $90m
- Stake
- 80%
- Implied 100%
- $112m
- Revenue
- $18m
- Op. income
- $7m
- Multiples
- EQV/EBIT 16.4xPSR 6.4x
Deal value ÷ stake (structure unconfirmed)
2022 별도 · DART-verified
2022 별도 · DART-verified
On implied equity value
DART 20230407001685
- Target
- Sulbing · Dessert cafe franchise
- Buyer
- UCK Partners · FI
- Seller
- Founder Jung Sun-hee and related parties
- Structure
- —
- Announced
- Aug 29, 2023
- Closed
- —
- Stage
- Signed
Target
Sulbing, founded in 2013, is Korea's leading shaved-ice (bingsu) dessert cafe franchise, with roughly 560-600 domestic stores and overseas outlets in Japan, Australia and other markets.
Deal rationale
The Fact reported UCK Partners signed an SPA for about 80% held by founder Jung Sun-hee and other major shareholders, with Jung keeping 20% and remaining as board chair. Edaily reported UCK is expected to build Sulbing into a global brand based on its Gong Cha track record. Asia Economy reported UCK invested from its Fund III after about a year of talks with the founder, planning customer-experience upgrades, stronger HQ functions and country-specific overseas strategies.
| Revenue | $18m |
| Operating income | $7m |
| EBITDA | — |
| Net income | — |
2022 별도 · DART-verified · 20230407001685
Press coverage
- 한국경제 (2023-08-29): “빙수 카페 설빙, 사모펀드에 팔린다”
- 이데일리 (2023-12-18): “1300억원을 투자한 것으로 전해진다”
- 더팩트 (2023-09-02): “인수 대상은 창업자인 정선희 대표 등 대주주 보유 지분 약 80%다. 거래 규모는 1300억 원 수준으로 알려졌다.”
- 아시아경제 CORE (2024-04-05): “2013년 설립된 설빙은 국내 빙수시장 1위 프랜차이즈다. … 투자금액은 1400억원이다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.