Jollibee Foods Corp., the Philippine dining giant that has aggressively expanded its international footprint, has agreed to acquire South Korea’s Shabu All Day for 125.86 billion won (₱5.1 billion) as it seeks to capitalize on the rapid growth of the global hot pot market.

JFC announced on Friday, Feb. 29, that the acquisition will be executed through Jolli-K Co., a 70% subsidiary owned by Jollibee and 30 percent by its local partner, Elevation Equity Partners Korea.

The deal is Jollibee’s second major foray into the Korean market in recent months, following its acquisition of a majority stake in Compose Coffee.

Jollibee Chairman Tony Tan Caktiong said the move demonstrates a “strengthened ability to acquire high‑quality, profitable businesses that align squarely with our strategic pillars and deliver meaningful long‑term value to our shareholders.”

Shabu All Day, founded in 2014 and headquartered in Seoul, operates 169 stores in South Korea. It is currently the top-ranked hot pot chain in the country by both store count and system-wide sales.

The brand specializes in an “all-you-can-eat” format that includes premium beef, an array of hot dishes, and unlimited desserts and beverages. Jollibee described the purchase price as “highly attractive,” noting it represents an enterprise value of approximately four times EBITDA, a valuation the company claims is a "meaningful discount to prevailing market valuation."

The transaction is expected to provide an immediate boost to Jollibee’s financial profile. Upon completion, the brand will be consolidated into Jollibee’s financial statements, contributing an estimated two percent uplift in total revenues and an eight percent increase in global earnings before interest and taxes for 2026.

The move is also set to increase Jollibee’s international business's contribution to 46 percent of its global revenue. 
“These investments reflect Jollibee Group's disciplined approach to capital allocation, prioritizing opportunities that are both financial accretive and operationally scalable,” Tan Caktiong added.

The deal highlighted Jollibee’s pivot toward high-growth, scalable dining categories. According to data from Euromonitor, the global hot pot segment is projected to reach $90 billion by 2029, with chained operators expected to control more than half of the market share.

Jollibee noted that Shabu All Day’s business model is particularly efficient, boasting a payback period of two to three years and a return on invested capital of approximately 40 percent.

Elevation Managing Partner Gordon Cho said “Shabu All Day represents a compelling opportunity in one of Asia’s fastest‑growing dining categories, and we believe Jollibee Group’s global scale and brand‑building excellence, combined with Elevation’s on‑the‑ground market expertise, will unlock significant long‑term value.” The acquisition remains subject to final closing and financing conditions, after which the final purchase price will be confirmed.