Jolli-K (Jollibee Foods) / Elevation Equity Partners to acquire 100% of Norang Food (Norang Tongdak) (terminated)
- Deal value
- —
- Stake
- 100%
- Implied 100%
- —
- Revenue
- $74m
- Op. income
- $9m
- Multiples
- —
2024 별도 · DART-verified
2024 별도 · DART-verified
DART 20250331000510
- Target
- Norang Food (Norang Tongdak) · Fried chicken franchise
- Buyer
- Jolli-K (Jollibee Foods) / Elevation Equity Partners · SI
- Seller
- Q Capital Partners / Coston Asia
- Structure
- —
- Announced
- Jun 10, 2025
- Closed
- —
- Stage
- Terminated
Target
Norang Food operates the Korean fried chicken franchise Norang Tongdak, whose franchise stores grew from 400 in 2020 to about 750. Q Capital Partners and Corstone Asia bought 100% in 2020 for about KRW 70bn and hold it through the SPC Norang Holdings.
Deal rationale
Jollibee signed an MOU on 10 June 2025 as preferred bidder, with reports citing rising demand for Korean food driven by K-pop and K-dramas and Jollibee's global network for overseas expansion. Sellers Q Capital and Corstone, who bought the company for KRW 70bn in 2020, were reported to expect an IRR of about 30% including dividends, but Hankyung reported the deal collapsed after the parties failed to narrow differences in negotiations.
| Revenue | $74m |
| Operating income | $9m |
| EBITDA | — |
| Net income | — |
2024 별도 · DART-verified · 20250331000510
Reported multiples
- EV/EBITDA 10.0x 2023년 EBITDA 150억원 기준, 거래가 약 1,400억원 source ↗
Press coverage
- KED Global (2025-06-11): “estimated at 140 billion won ($100 million), according to industry sources”
- 딜사이트 (2025-09-04): “노랑통닭 매각이 브라질 조류독감(AI)이라는 암초를 만나 최종 무산된 것으로 확인됐다.”
- 한국경제 (2025-06-28): “예상 매각가는 1000억원 중반대다.”
- 딜사이트 (2025-05-20): “매도자 희망 가격은 2000억원 수준으로 알려졌다.”
- 한국경제 (2025-12-11): “협상 과정에서 의견 차이를 좁히지 못하고 딜이 최종 무산됐다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.