Philippine restaurant group Jollibee has signed a memorandum of understanding to acquire South Korean chicken franchise Norang Tongdak from private equity firms Q Capital Partners and Coston Asia, in a deal expected to land in the mid-100bn won range.

The acquisition will be executed through Jollibee’s Korean subsidiary, Jollik, and involves the full takeover of Norang Food, the parent company of Norang Tongdak. The two private equity firms acquired the business in 2020 via Norang Holdings Limited, paying around 70bn won.

Since the buyout, Norang Tongdak has delivered impressive growth. Its store count has risen from 400 to over 700 locations, while revenue more than doubled to 106.7bn won in 2024. Operating profit climbed from 6.5bn won to 12.7bn won, and net profit surged to 10.3bn won over the same period.

The deal follows Jollibee’s $340m acquisition of South Korea’s Compose Coffee last year in collaboration with Elevation Equity Partners, signalling its continued push into the Korean market through private equity-backed assets.

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