Jollibee Food Corporation (JFC), the biggest fast-food chain in the Philippines, has agreed to acquire South Korea’s All Day Fresh Co Ltd, owner of the hot pot and eat-all-you-can chain Shabu All Day, for about $87 million.
In a stock exchange disclosure, Jollibee said the deal will be executed via Jolli-K Co Ltd, a subsidiary in which JFC holds 70%, and is subject to closing and financing conditions, with the final purchase price to be confirmed after completion.
Elevation Equity Partners Korea Ltd., a private equity firm focusing on mid-market buyouts and growth capital opportunities, is JFC’s strategic partner in the deal with 30% effective shareholding in Jolli-K.
Founded in 2014 and headquartered in Seoul, All Day Fresh operates the Shabu All Day brand, a hot pot and eat-all-you-can concept with 169 stores across South Korea as of January 2025.
The chain is the country’s largest hot pot operator by store count and generates about $285 million in annual systemwide sales, with average revenue of roughly $2.4 million per outlet.
The brand’s format combines unlimited hot pot built around premium beef with a wide selection of cooked dishes, desserts, and beverages at fixed price points, targeting group dining and experiential consumption.
JFC said the concept delivers strong unit economics, including a 2-3 year payback period and high double-digit operating margins, supported by a capital-efficient, franchise-heavy model.
The acquisition represents a strategic bolt-on to its Korean operations following its earlier investment in value coffee chain Compose Coffee and supports its broader strategy of building scalable, high-return international businesses.
“With Compose Coffee and now Shabu All Day, we continue to strengthen our 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.
The acquisition price implies an enterprise value multiple of about four times EBITDA, which JFC described as attractive relative to market valuations.
Once completed, Shabu All Day is projected to lift JFC’s global revenue by around 2%, increase international sales contribution to about 46% of total revenue, and boost global EBIT by roughly 8% in 2026, per the announcement.
The addition will also raise the group’s global store network by about 1%.
The deal extends JFC’s partnership with Elevation, which it first formalised in August 2024 through the acquisition of Compose Coffee, a Korea-based coffee chain. JFC said Elevation will remain its strategic partner for the Shabu All Day acquisition through its continuing stake in Jolli-K.
Last year, JFC also acquired a majority stake in Tien Hsia Sheng Co (Moon Moon Food), a popular wellness soup brand in Taiwan, for NT$103.8 million ($3.17 million).
The deal, carried out by its subsidiary Milkshop International Co Ltd (Milksha), involves purchasing 980,000 shares at NT$105.92 each, giving it a 70% stake in Moon Moon Food.
The deals come as JFC said it plans to spin off its international operations and list the new unit as an independent company on a US securities exchange. The Philippine operations will remain listed on the local bourse, it said in a disclosure.
