Jollibee Group to acquire Korea's hot pot chain Shabu All Day

Jollibee Group, through its subsidiary Jolli-K Co. Ltd., has inked an agreement to acquire All Day Fresh Co. Ltd. which operates Korea’s hot pot chain Shabu All Day in an $87-million deal.

Under the deal, Shabu All Day will be consolidated into Jollibee Foods Corp.’s (JFC) financial statements immediately upon completion of the acquisition for a total consideration equivalent to KRW127 billion. Completion of the transaction is subject to closing and financing conditions.

The acquisition is expected to lead to a 2% jump in revenues, increase the contribution of the international business to 46% of global revenues, drive an 8% growth in global earnings before income tax this year, and an approximate 1% increase in store count with 169 stores.

Established in October 2014, All Day Fresh is primarily engaged in the franchise business of the hot pot and eat-all-you-can restaurant brand Shabu All Day headquartered in Seoul, South Korea. It was ranked first in store count among hot pot chains, and in total system-wide sales at $285 million.

JFC said talks on the acquisition formally began with Elevation Equity Partners Korea Limited in August 2024, through the acquisition of Compose Coffee which the group seeks to expand across the Philippines and Southeast Asia.

“Shabu All Day represents a compelling opportunity in one of Asia’s fastest-growing dining categories, and we believe Jollibee Group’s global scale and brand-building excellence, combined with Elevation’s on-the-ground market expertise, will unlock significant long-term value,” Elevation managing partner Gordon Cho said in a statement.

“We look forward to working closely with Jollibee Group once again to accelerate Shabu All Day’s growth trajectory and solidify its leadership in Korea’s hot pot and experiential dining segment,” he added.

Elevation, a private equity firm focusing on mid-market buyouts and growth capital opportunities in the Korean consumer space — will retain a 30% effective shareholding in Jolli-K.

“With Compose Coffee and now Shabu All Day, Jollibee Group continues to demonstrate its strengthened ability to acquire high-quality, profitable businesses that align squarely with our strategic pillars and deliver meaningful long-term value to our shareholders,” JFC chairman Tony Tan Caktiong said.

“These investments reflect Jollibee Group’s disciplined approach to capital allocation, prioritizing opportunities that are both financial accretive and operationally scalable,” he added.

The latest announcement comes as JFC plans to create a standalone international business — Jollibee Foods Corporation International (JFCI) — which it intends to list on a US securities exchange by 2027. It is already reviewing the transaction structure for the planned listing.

The Jollibee Group's portfolio includes wholly owned brands Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger, and Tim Ho Wan.

It also includes franchised brands Burger King, Panda Express, Yoshinoya, Common Man Coffee Roasters, and Tiong Bahru Bakery in the Philippines.

Aside from Compose Coffee, JFC also has ownership stakes in The Coffee Bean and Tea Leaf, SuperFoods Group, and Milksha. It also has membership interests in Tortazo LLC, and Botrista.

It ended September 2025 with 6,859 stores abroad—535 in China, 355 in North America, 410 in Europe, Middle East, Africa, and Australasia (EMAA), and 928 with Highlands Coffee mainly in Vietnam. — LA, GMA Integrated News