Jollibee to acquire Norang Food

Currently savoring the positive impact of its recently acquired Compose Coffee in South Korea, Asian food and beverage giant Jollibee Foods Corporation is reportedly acquiring Korean fried chicken chain owner Norang Food for $95 million in August this year.

- BY JAMES A. LOYOLA

According to The Korea Times, Jollibee’s Korean subsidiary has been selected as the preferred bidder to acquire full ownership of the Norang Tongdak (yellow chicken) franchise from private equity firms Corstone Asia and Q Capital Partners.

Abacus Securities Corporation, the deal is valued at about 10 times its 2023 earnings before interest, taxes, depreciation, and amortization (EBITDA).

“This is the second entry of JFC into the South Korean market after its Compose Coffee acquisition last year, which was worth about $340 million.