Seoul: Jollibee Foods Corp., the leading fast food chain operator from the Philippines, announced the acquisition of a 100 percent stake in All Day Fresh, the operator of South Korean hot pot chain Shabu All Day. The acquisition was finalized with a share purchase agreement valued at approximately 130 billion won (US$88.6 million), marking the complete separation of All Day Fresh from its previous parent company, Myungryundang, and its full integration into the Philippine food conglomerate.
According to Yonhap News Agency, All Day Fresh operates 172 Shabu All Day stores across South Korea, generating annual sales of around 480 billion won. Jollibee Foods stated that the brand holds a leading position in the South Korean market for all-you-can-eat hot pot, commonly known as shabu shabu, and sees strong growth potential due to increasing overseas interest in Korean cuisine. The company is also considering expanding Shabu All Day into Southeast Asian markets.
This acquisition follows Jollibee Foods' purchase of Compose Coffee, a South Korean coffee chain, last year, which strengthened its presence in South Korea's food and beverage market. Since the acquisition, Compose Coffee has expanded into Southeast Asia, including the Philippines and Singapore.