Jollibee Foods Corp. (JFC) is expanding deeper into South Korea’s dining market, signing definitive agreements for its Korea platform to acquire All Day Fresh Co., Ltd., owner of the country’s top hot pot and “eat-all-you-can” brand Shabu All Day.
The deal will be executed through Jolli-K Co., Ltd., JFC’s Korea investment vehicle that is 70% owned by Jollibee, with private equity firm Elevation Equity Partners Korea retaining a 30% effective stake in Jolli-K.
Completion is subject to closing and financing conditions, and the final purchase price will be confirmed upon closing.
JFC said the transaction carries an estimated total consideration of about $87 million (around KRW127 billion), implying an approximately 4x EV/EBITDA multiple—terms the company described as attractive versus prevailing market valuations.
The acquisition is positioned as a bolt-on to JFC’s Korean portfolio after its earlier move into Compose Coffee, as the group builds a scalable platform of franchised, high-return concepts.
“This investment reflects JFC’s disciplined approach to capital allocation, prioritizing opportunities that are both financially accretive and operationally scalable,” JFC chairman Tony Tan Caktiong said. “With Compose Coffee and now Shabu All Day, JFC 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.”
All Day Fresh, founded in 2014 and headquartered in Seoul, is primarily engaged in franchising and foodservice operations for Shabu All Day, which had 169 stores across South Korea as of January 2025, according to JFC.
The company described Shabu All Day as Korea’s category leader—ranking No. 1 by store count among hot pot chains and generating $285 million in annual systemwide sales, with about $2.4 million in average revenue per store.
JFC attributed the brand’s performance to an “all-inclusive” format built around all-you-can-eat hot pot with premium beef as a core anchor, alongside a broad selection of complementary hot dishes and unlimited desserts, with alcoholic beverages included in the integrated experience.
Beyond scale, JFC highlighted unit economics it believes can support further expansion. The group said Shabu All Day typically delivers a 2–3 year payback period, implying around ~40% ROIC, and high double-digit EBITDA and EBIT margins, driven by a capital-efficient, franchise-heavy model.
Elevation’s continued participation is a key feature of the transaction. JFC said the partnership with the Korea-focused buyout firm began in August 2024 through the acquisition of Compose Coffee, and Elevation will remain a strategic partner in the Shabu All Day deal via its stake in Jolli-K.
JFC described Elevation as a mid-market private equity firm focused on consumer opportunities in Korea and across Asia, led by partners with decades of regional investing experience.
“We are excited to embark on another successful venture with JFC following our strong partnership on Compose Coffee,” Elevation managing partner Gordon Cho said. “Shabu All Day represents a compelling opportunity in one of Asia’s fastest-growing dining categories, and we believe JFC’s global scale and brand-building excellence, combined with Elevation’s on-the-ground market expertise, will unlock significant long-term value.”
If completed, JFC said Shabu All Day will be consolidated into its financial statements and is expected to provide an immediate boost to 2026 group metrics, including an estimated +2% uplift in revenues and an estimated +8% uplift in global EBIT.
The addition would also increase JFC’s global store count by roughly 1%, while lifting the international business contribution to about 46% of global revenues, based on the company’s estimates.
JFC is also framing the acquisition as a strategic entry into a hot pot market it says is expanding rapidly. Citing Euromonitor, the company said the global hot pot segment could reach about $90 billion by 2029, with chained operators expected to increase market share as the category professionalises.
“Our continued partnership with Elevation gives us even greater confidence in unlocking the full potential of Shabu All Day,” Tan said. “Together, we bring complementary strengths: JFC’s global operating scale and brand-building capabilities, and Elevation’s deep market expertise and proven track record in Korea.”
Business News Asia
