Jollibee Foods Corporation (PSE: JFC) has signed definitive agreements for its 70%-owned subsidiary, Jolli-K Co., Ltd., to fully acquire All Day Fresh Co., Ltd., the operator of Korea’s leading hot pot chain, Shabu All Day. The transaction, valued at approximately USD87 million (around KRW127 billion), marks another decisive step in the group’s strategy to deepen its presence in Korea and expand its fast-growing Chinese Cuisine portfolio.
Completion remains subject to customary closing and financing conditions, with the final purchase price to be confirmed thereafter. The deal was secured at an attractive roughly 4x EV/EBITDA multiple—well below prevailing market valuations—underscoring Jollibee Group’s disciplined and value-focused approach to mergers and acquisitions.
The acquisition builds on the company’s expanding Korean platform following its landmark entry into Compose Coffee in 2024. By adding Shabu All Day, Jollibee strengthens its foothold in one of the world’s most dynamic dining categories: hot pot, a segment increasingly favored by consumers for its healthier positioning, interactive format, and communal dining appeal.
Founded in October 2014 and headquartered in Seoul, All Day Fresh operates Shabu All Day, a fast-scaling eat-all-you-can hot pot brand with 169 stores across South Korea as of January 2025. The brand ranks first in store count among hot pot chains in the country and leads in total system-wide sales at approximately USD285 million annually. Average per-store revenue stands at a robust USD2.4 million.
Shabu All Day has carved out a distinct competitive advantage as the only fully integrated, all-inclusive hot pot concept in Korea at highly competitive price points. Its offering centers on unlimited premium beef, complemented by an expansive selection of hot dishes, desserts, and alcoholic beverages—an experience-driven format that has resonated strongly with Korean consumers.
The brand’s leadership position is supported by compelling unit economics. Franchisees benefit from a two- to three-year payback period, translating to roughly 40% return on invested capital, alongside high double-digit EBITDA and EBIT margins. Its capital-efficient and highly franchised model positions Shabu All Day as a scalable platform for accelerated domestic and potentially regional expansion.
Upon completion, Shabu All Day will be immediately consolidated into JFC’s financial statements. The transaction is projected to deliver an estimated 2% uplift in revenues, raise the international business’ contribution to 46% of global revenues, and drive an 8% increase in global EBIT in 2026. Store count is expected to expand by roughly 1% with the addition of 169 outlets. The move will also significantly strengthen Korea’s EBITDA and EBIT contribution to JFC’s global portfolio.
According to Euromonitor, the global hot pot segment is projected to reach approximately USD90 billion by 2029. Chained operators are expected to increase their market share from 46.9% in 2024 to 52.7%, reflecting a broader shift toward professionally managed, scalable dining concepts. Against this backdrop, Jollibee’s entry into Korea’s leading hot pot chain positions the group at the forefront of a rapidly expanding and structurally attractive category.
Jollibee’s Korean expansion continues in partnership with Elevation Equity Partners Korea Limited, which will retain a 30% effective stake in Jolli-K. The partnership began in August 2024 with the acquisition of Compose Coffee—widely recognized in Korea as one of the most notable M&A deals of that year.
Elevation is a private equity firm focused on mid-market buyouts and growth capital opportunities across Asia’s consumer sector, with more than three decades of combined investment experience in Korea.
Jollibee Group Chairman Tony Tan Caktiong emphasized the strategic alignment of the deal. “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. These investments reflect Jollibee Group’s disciplined approach to capital allocation, prioritizing opportunities that are both financially accretive and operationally scalable.”
Caktiong continued, “Our continued partnership with Elevation gives us even greater confidence in unlocking the full potential of Shabu All Day. Together, we bring complementary strengths: Jollibee Group’s global operating scale and brand-building capabilities, and Elevation’s deep market expertise and proven track record in Korea. We are excited to accelerate Shabu All Day’s growth journey and solidify its position as a leading player in one of the most dynamic global foodservice categories.”
Elevation’s Managing Partner Gordon Cho echoed the optimism surrounding the transaction. “We are excited to embark on another successful venture with the Jollibee Group following our strong partnership on Compose Coffee. 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. 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.”
With this acquisition, Jollibee Group not only expands its Korean portfolio but also stakes a meaningful claim in a $90-billion global category—leveraging strong fundamentals, proven franchise economics, and a strategic partnership model designed to deliver sustained international growth.
