NY Deli Icon Old World Provisions Gets Korean Flavor Infusion in PE Deal

NEW YORK, NY – January 12, 2026 – Old World Provisions, a New York-based deli meat producer with roots stretching back to 1942, is set to embark on a significant transformation. The family-owned company, renowned for its classic pastrami and roast beef, has entered into a strategic partnership fueled by an investment from private equity firm Pacific General and South Korean food giant S Food Inc.

This three-way alliance is designed to propel the venerable American brand into its next phase of growth, blending its rich heritage with modern operational scale and a dash of international culinary innovation. The deal signals a broader trend in the food industry, where legacy brands are leveraging cross-border expertise and private capital to meet evolving consumer tastes and expand their market reach.

A New Chapter for a New York Institution

For over eighty years, Old World Provisions has been a bastion of New York delicatessen tradition. Founded as a family business, the company has passed its meticulous crafting standards through four generations, earning a reputation for high-quality, value-added meats. Its product lineup reads like a classic deli menu: smoked New York pastrami, tender corned beef brisket, oven-roasted turkey, and an assortment of frankfurters and German sausages.

Operating from its facilities in Troy, New York, the company has built long-standing relationships with national foodservice clients and retail customers across the United States. Its success has been built on a foundation of quality and safety, with USDA and FDA-certified facilities that adhere to rigorous third-party auditing programs like Safe Quality Foods (SQF). This commitment allows them to offer a diverse range of products, from conventional deli staples to antibiotic-free (ABF) and organic options, as well as custom-made products for private labels.

Despite its deep-rooted history, the company now faces a market defined by rapid change. The U.S. chilled and deli foods market, valued at over $32 billion in 2022, is projected to exceed $46 billion by 2032. This growth is driven by consumers who demand convenience but are also increasingly adventurous, seeking out novel flavors, healthier options, and products that tell an authentic story. This new partnership is structured to position Old World Provisions at the forefront of these trends.

The Cross-Border Playbook

Orchestrating this complex partnership is Pacific General, a New York and Seoul-based investment firm founded in 2019. The firm specializes in identifying opportunities for cross-border value creation, a strategy perfectly embodied in this transaction. The deal combines three distinct but complementary strengths: Old World Provisions’ established U.S. production and distribution network, S Food’s advanced product development and large-scale manufacturing capabilities, and Pacific General’s own sector expertise and strategic capital.

“This investment reflects Pacific General’s disciplined approach of first developing an in-depth understanding of the underlying business, identifying its core-strengths and crafting a long-term strategic growth strategy supported by the right strategic partner,” said Matthew Yoon, Managing Partner at Pacific General. He noted the firm’s careful work to align the interests of all stakeholders, navigate complexities, and preserve the operational continuity that is crucial for a legacy brand.

The investment is a textbook example of a modern private equity strategy that moves beyond simple financial engineering. By bringing S Food into the fold, Pacific General is actively injecting operational and product-level expertise into its portfolio company.

Dajeong Lee, a Partner at Pacific General, emphasized this point. “This investment highlights Pacific General’s ability to leverage its deep sector expertise and international presence to bring a differentiated growth angle that builds on a company’s long-standing legacy,” she stated. “We are excited to closely work with OWP and S Food to support the Company’s next stage of growth and unlock its full long-term potential.”

Infusing Global Tastes into American Classics

The most intriguing element of the partnership is the planned introduction of Korean-inspired offerings tailored for the U.S. market. This move is a calculated bet on one of the most powerful currents in the American culinary scene. Fueled by the global popularity of K-pop and K-dramas, Korean cuisine has seen a meteoric rise in the United States. Consumers, particularly younger demographics like Millennials and Gen Z, are actively seeking the bold, complex flavors of Korean food, from the fermented funk of kimchi to the sweet and savory notes of Korean barbecue.

Market data shows this is more than a fleeting trend. Interest in Korean food is surging, and products like gochujang-based sauces and Korean-style fried chicken are becoming mainstream. The partnership aims to channel this cultural wave directly into the American deli case. By leveraging S Food’s product development prowess, Old World Provisions can innovate beyond its traditional European-inspired deli fare and create unique fusion products that appeal to this adventurous consumer base.

This strategy allows the brand to not only cater to its loyal customers but also attract a new generation of shoppers who prioritize global flavors and unique culinary experiences. It represents a forward-thinking approach to product innovation in a category often seen as traditional.

From Regional Staple to Global Contender

The infusion of capital and new ideas is aimed squarely at ambitious expansion. The partnership plans to make significant investments in technology and operations to scale Old World Provisions’ production capacity. The primary goal is to broaden the company’s distribution footprint, pushing its products into new regions across the United States and eventually into select international markets.

For Old World Provisions, this represents a pivotal moment. Seth Shuket, the company’s President, praised the structure of the deal. “Pacific General played a critical role in shaping this partnership from identifying strategic fit to thoughtfully structuring a transaction that aligns longer-term objectives across all parties,” he said. This endorsement from the legacy leadership underscores a shared vision for the future.

By combining a respected American heritage brand with South Korean manufacturing excellence and strategic private equity backing, the alliance is creating a formidable platform for growth. This modernized Old World Provisions will be better equipped to compete in a dynamic food landscape, turning its 84-year-old legacy not into a limitation, but into a launchpad for its next chapter of innovation and expansion.