Jollibee Foods Corporation plans to acquire South Korean chicken franchise Norang Tongdak, enhancing its presence in the fast-growing QSR market.

Information on the Target

Jollibee Foods Corporation, a leading Philippine restaurant group, has initiated the acquisition of Norang Tongdak, a prominent chicken franchise in South Korea. This move comes through Jollibee’s subsidiary, Jollik, and involves a comprehensive takeover of Norang Food, the parent company that operates Norang Tongdak. The total transaction value is anticipated to be in the mid-100 billion won range, reflecting the growing market presence of Norang Tongdak.

The franchise, under the stewardship of private equity firms Q Capital Partners and Coston Asia, has exhibited remarkable growth since their acquisition in 2020, where they invested approximately 70 billion won. Norang Tongdak has expanded its footprint significantly, increasing its outlets from 400 to over 700, and has seen revenue soar to 106.7 billion won in 2024, demonstrating a robust trajectory of growth.

Industry Overview in South Korea

The South Korean food and beverage industry has witnessed a dynamic evolution, characterized by changing consumer preferences and the increasing demand for convenient dining options. This shift has propelled the growth of fast