Philippine quick-service giant Jollibee Foods Corporation (JFC) is deepening its push into Asia’s fast-growing communal dining segment, announcing the acquisition of South Korea’s All Day Fresh Co. Ltd., operator of leading hot pot chain Shabu All Day, in a deal valued at approximately $87 million.
The agreement, signed on February 20, 2026, marks Jollibee’s formal entry into the Korean hot pot category and reinforces its strategy of acquiring high-growth, locally dominant brands across international markets.
Deal Structure and Strategic Rationale
Under the transaction, Jollibee will acquire a 70% stake in All Day Fresh through its subsidiary, Jolli-K Co. Ltd., while Seoul-based private equity firm Elevation Equity Partners Korea will retain the remaining 30%. The partnership model mirrors JFC’s broader international expansion playbook — combining capital strength with local operational expertise.
The acquisition is expected to immediately enhance JFC’s earnings profile, with projections indicating an approximate 8% uplift in global EBIT contribution in 2026. International operations are set to account for nearly 46% of Jollibee’s total revenues following the deal.
Headquartered in Seoul, Shabu All Day operates 169 stores as of January 2025 and generates around $285 million in annual system-wide sales. The brand has built a strong following through its premium all-you-can-eat beef offerings, extensive buffet selections and dessert counters — positioning itself as South Korea’s leading hot pot chain by store count.
Building Scale in South Korea
The transaction follows Jollibee’s earlier $340 million acquisition of a 70% stake in Compose Coffee in 2024, also executed alongside Elevation Equity Partners. Together, the deals underscore a deliberate strategy to establish a diversified and scalable platform within South Korea’s competitive foodservice landscape.
JFC Chairman Tony Tan Caktiong highlighted that the company continues to focus on acquiring profitable businesses aligned with its long-term strategic pillars, particularly those with strong unit economics and expansion potential.
Tapping the Global Hot Pot Boom
Jollibee’s move comes amid rapid growth in the global hot pot market, driven by rising consumer appetite for experiential and customizable dining formats. Industry projections estimate the segment could reach nearly $90 billion globally by 2029.
By acquiring Shabu All Day’s franchise-heavy and capital-efficient model, JFC gains access to a format that can be replicated and scaled beyond Korea. The deal also strengthens Jollibee’s diversification strategy as it broadens its portfolio beyond quick-service chicken and coffee into higher-ticket, dine-in categories.
As the Philippine group continues to expand internationally and compete with global giants, the addition of a market-leading hot pot brand signals its ambition to build multiple growth pillars across Asia’s evolving restaurant ecosystem.
