South Korea – Jollibee Foods Corporation (JFC) has taken a major step in expanding its Korean portfolio by signing definitive agreements for its 70%-owned subsidiary, Jolli-K Co., Ltd., to fully acquire South Korea’s All Day Fresh Co., Ltd., operator of the popular Shabu All Day hot pot chain.
Founded in 2014, All Day Fresh operates 169 Shabu All Day outlets across South Korea, making it the country’s largest hot pot chain by store count. The brand is also a top performer in system-wide sales, with annual revenues of around USD 285 million. Its menu centres on all-you-can-eat hot pot offerings, including premium beef, complementary side dishes, desserts, and beverages.
In a stock exchange disclosure, JFC confirmed the acquisition and revealed the deal is valued at approximately USD 87 million (~KRW 127 billion), and is subject to closing and financing conditions. Upon completion, Shabu All Day will be consolidated into JFC’s financial statements, contributing to the international business’s revenue and slightly increasing the company’s store count.
JFC will continue its partnership with Elevation Equity Partners Korea Limited, which retains a 30% stake in Jolli-K. Elevation previously collaborated with JFC in 2024 through the acquisition of Compose Coffee, another Korean food and beverage brand.
Gordon Cho, managing partner at Elevation, said, “We are excited to embark on another successful venture with JFC 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 JFC’s global scale and brand‑building excellence, combined with Elevation’s on‑the‑ground market expertise, will unlock significant long‑term value.”
Cho continued, “We look forward to working closely with JFC once again to accelerate Shabu All Day’s growth trajectory and solidify its leadership in Korea’s hot pot and experiential dining segment.”
The deal positions JFC in one of Asia’s fastest-growing dining segments. According to Euromonitor, the hot pot market is projected to reach roughly USD 90 billion by 2029, driven by growing consumer demand for interactive, communal dining experiences. Shabu All Day’s scale and established presence in Korea provide JFC with a platform for further expansion in the country and the wider region.
Tony Tan Caktiong, chairman of JFC, explained, “With Compose Coffee and now Shabu All Day, JFC 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 JFC’s disciplined approach to capital allocation, prioritising opportunities that are both financially accretive and operationally scalable.”
“Our continued partnership with Elevation gives us even greater confidence in unlocking the full potential of Shabu All Day. Together, we bring complementary strengths: JFC’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,” he added.
