Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, today announced the signing of definitive agreements, under which its 70 percent owned subsidiary, “Jolli-K Co., Ltd. (Jolli-K)” shall fully acquire “All Day Fresh Co., Ltd. (All Day Fresh)”, operator of Shabu All Day restaurant brand.
In a disclosure to the Philippine Stock Exchange, JFC said that total consideration of the transaction is approximately USD87 million. Completion of this transaction is subject to closing and financing conditions; final purchase price to be confirmed thereafter.
This transaction represents a strategic bolt-on to our high-ROIC Korean business, Compose Coffee, and reinforces JFC’s commitment to its Chinese Cuisine Segment and franchising initiatives, while opening a gateway to the rapidly expanding international hot pot market, one of the fastest-growing dining segments in Asia and globally and an industry experiencing robust global momentum as consumers gravitate toward healthier, interactive, and communal dining experiences, the company said.
The total consideration is approximately USD87 million (~KRW127 billion) was secured at secured at a highly attractive approximately 4x EV/EBITDA multiple that represents a meaningful discount to prevailing market valuation.
“JFC once again demonstrated its ability to secure highly attractive valuations in deals that are both cash and profit‑accretive, reinforcing JFC’s disciplined approach to M&A and its track record of creating long‑term shareholder value,” the statement added.
All Day Fresh was established in October 2014 and is primarily engaged in the franchise business and food service operations of “Shabu All Day”, a hot pot and eat-all-you-can restaurant brand, headquartered in Seoul, South Korea, with 169 stores across South Korea as of January 2025. Shabu All Day is the undisputed category leader in Korea, ranking #1 in store count among hot pot chains, #1 in total system‑wide sales at USD 285 million annually with industry‑leading per‑store revenue of USD 2.4 million.
Shabu All Day commands a strategically advantaged position in Korea’s hot pot dining segment as the only brand offering a fully integrated, all‑inclusive experience at highly competitive price points. Its differentiated offering combines all‑you‑can‑eat hot pot, premium beef as the core menu anchor, an extensive selection of complementary hot dishes, and unlimited desserts and alcoholic beverages.
Shabu All Day’s market leadership is underpinned by exceptional unit economics, including an attractive 2–3-year payback period (approximately ~40% ROIC) and high double-digit Earnings before Interests, Taxes and Depreciation and Amortization (EBITDA) and EBIT margins driven by its capital-efficient, highly franchised business model. These fundamentals make Shabu All Day a best‑in‑class performer, and a highly scalable, highly franchisable platform for accelerated expansion.
Upon completion of the acquisition, Shabu All Day will be consolidated into JFC’s financial statements immediately, with an estimated +2% uplift in revenues, increasing the international business’ contribution to 46% of Global Revenues, a +8% uplift in Global EBIT in 2026, and an approximate +1% in store count (169 stores). The inclusion of Shabu All Day in the portfolio is expected to materially increase Korea’s EBITDA and EBIT contribution to Global JFC.
