On February 18, 2026, the Philippine food giant Jollibee Foods Corp (JFC) made headlines across Asia by sealing a deal to acquire the rapidly expanding Korean shabu-shabu buffet franchise, Shabu All Day. The acquisition, valued at roughly 120 to 130 billion Korean won (about 87 million USD), marks Jollibee’s most ambitious foray yet into the Korean food (K-food) market—a sector that’s been gaining global traction. The move is being hailed as both a bold expansion and a strategic play to dominate the Southeast Asian dining scene with premium Korean flavors.
The deal was executed through Jollibee’s Korean subsidiary, Jolli-K, in partnership with Korean private equity powerhouse Elevation Equity Partners Korea. Under the terms, JFC will hold a 70% stake while Elevation takes the remaining 30%. According to Seoul Economic Daily, Woori Bank arranged acquisition financing of 260 billion won for both this deal and the refinancing of Compose Coffee, another Korean franchise previously snapped up by the same consortium. This financial muscle underscores just how serious Jollibee is about its Korean expansion.
Shabu All Day isn’t just another buffet. Launched in July 2023 by Myunryundang, the brand exploded onto the scene, surpassing 170 stores nationwide in less than three years. In its inaugural year, Shabu All Day posted sales of just 200 million won, but by 2024, those figures had soared to 54 billion won in sales and 13.7 billion won in operating profit, according to Hankyung. More recent figures cited by HuffPost Korea and The Public peg annual sales at about 390 billion won, with each store averaging a robust 3.3 billion won in sales and operating profit margins topping 30%. That’s not just impressive growth—it’s the kind of financial performance that turns heads in the global franchise world.
What’s behind this meteoric rise? Shabu All Day combined a limitless refill concept with premium, hotel-style dining. The brand leaned into high-profile marketing, even enlisting popular actor Kim Woo-bin as its exclusive model, and invested in upscale interior design and flagship locations in key metropolitan areas. These moves quickly established a premium image, setting Shabu All Day apart in a crowded market. As Seoul Economic Daily noted, it’s rare for a franchise less than three years old to command a billion-won valuation in a sluggish food and beverage M&A market.
Jollibee’s acquisition is part of a broader, deliberate push into K-food. In 2024, JFC—again with Elevation Equity Partners—acquired Compose Coffee, a low-cost coffee franchise that boasted more than 3,000 stores as of September 2025. Compose Coffee’s expansion into Southeast Asia, especially the Philippines and Singapore, is already underway, leveraging Jollibee’s formidable logistics and supply network. Jollibee attempted to acquire the chicken franchise Norang Tongdak as well, though that deal ultimately fell through. The company’s strategy? Buy proven Korean brands and transplant them into Southeast Asian markets, where Jollibee already enjoys tremendous brand power and infrastructure.
As Hankyung reports, this approach is more than opportunistic—it's a calculated bet on the popularity of hot pot dining in Southeast Asia. Shabu All Day fits squarely into the “hot pot” category, already a staple for family and group dining in the region. By infusing the menu with a “Korean-style premium buffet” twist, Jollibee aims to differentiate itself from local competitors and ride the Korean food wave that’s sweeping the region. The plan is to expand both the number of franchise stores and the brand’s overseas presence, banking on stable cash flow and strong consumer interest.
Financially, the deal is also a win for Shabu All Day’s franchisees. During acquisition negotiations, the consortium secured lower interest rates on franchisee loans, reducing financial strain and improving operating conditions. Woori Bank, which arranged the acquisition financing, plans to extend inclusive financial services to franchisees, including lower card fees and promotional support—moves aimed at stabilizing the broader franchise ecosystem.
Jollibee’s global ambitions don’t stop at Korea. The company now operates more than 10,000 outlets worldwide, with system sales reaching 122.3 billion Philippine pesos (about 3.066 trillion Korean won) in the fourth quarter of 2025 alone—a 12% increase year-on-year, according to HuffPost Korea. In early 2026, JFC announced plans to spin off its international business, targeting a U.S. stock market listing by 2027. The aim: to highlight the growth potential of its global operations and boost overall corporate value.
Leadership at JFC has been vocal about the strategic rationale behind these moves. Tony Tan Caktiong, JFC’s chairman, told The Public, “Acquiring Shabu All Day following Compose Coffee demonstrates JFC’s strategic intent to secure high-quality, profitable businesses.” He added, “We expect to unlock Shabu All Day’s potential through our partnership with Elevation.” Joseph Tanbuntiong, CEO of JFC Philippines, emphasized that launching Compose Coffee in the Philippines will strengthen the group’s core coffee and tea segment, bringing the brand closer to everyday consumers.
For Elevation Equity Partners, the deal cements its reputation as a leading investor in K-food. The firm’s partnership with Jollibee has turned it into a major player in the Korean F&B M&A scene, especially as consumer awareness and demand for Korean brands surge across Southeast Asia. According to Seoul Economic Daily, Elevation’s investment strategy is now closely tied to the burgeoning K-food trend, with eyes firmly set on further cross-border expansion.
For Myunryundang, the original owner, the sale marks a significant milestone. While initial plans considered selling both Myunryon Jinsagalbi and Shabu All Day as a package, only the latter was ultimately acquired, leaving Myunryon Jinsagalbi as a standalone franchise. This selective approach reflects the high value placed on Shabu All Day’s growth trajectory and market leadership.
Looking ahead, Jollibee and Elevation plan to inject new capital into Shabu All Day, strengthening marketing capabilities and supporting franchisee performance. With Jollibee’s deep Southeast Asian network and proven logistics, the stage is set for Shabu All Day to become a household name well beyond Korea’s borders.
With this acquisition, Jollibee isn’t just buying a successful Korean franchise—it’s placing a confident bet on the future of K-food in Asia and the world. The coming years will reveal whether this gamble pays off, but for now, all eyes are on the next chapter of this cross-border culinary adventure.