(Feb 20): Jollibee Foods Corp, the Philippines’ largest restaurant operator, said it signed a definitive agreement to acquire a Korean hot pot brand for around US$87 million.
A subsidiary will buy All Day Fresh Co Ltd, which is behind Seoul-based hot pot and eat-all-you-can chain Shabu All Day, Jollibee said in a statement on Friday.
The purchase “reinforces the company’s commitment to its Chinese cuisine segment and franchising initiatives, while providing entry into the global hot pot category,” Jollibee said.
Shabu All Day had 169 stores in South Korea as of January 2025, making it the largest in the country in terms of store count. It generates annual system-wide sales of US$285 million, Jollibee said.
The deal follows Jollibee’s July acquisition of a 70% stake in South Korea-based Compose Coffee for US$340 million.
Private equity firm Elevation will retain its 30% stake in All Day Fresh and remain as a strategic partner, Jollibee said.
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Jollibee, which built a fast-food empire at home with its crispy fried chicken, is expanding globally, pitting it against the likes of Yum! Brands’ KFC and McDonald’s. The company plans to spin off its business outside the Philippines and list it in the US.
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