This article was published on June 10, 2025, at 11:02 a.m. on the ChosunBiz MoneyMove site.
The chicken franchise corporation Norang Tongdak will be embraced by the Philippine food corporation Jollibee. Norang Tongdak is held by domestic private equity fund (PEF) management firms Q Capital Partners and Coston Asia.
On the 10th, according to investment banking sources, Q Capital Partners and Coston will sign a memorandum of understanding (MOU) designating Jollibee as the preferred negotiation partner for acquiring Norang Tongdak. The acquirer will be Jollik, Jollibee’s Korean subsidiary.
The sale target is 100% equity of Norang Food, which operates Norang Tongdak, held by Q Capital Partners and Coston. As negotiations are still underway, the sale price is expected to be determined in the mid-100-billion-won range.
The two management firms established a special purpose company (SPC) named Norang Holdings Limited in 2020 to acquire Norang Food and purchased 100% equity for about 70 billion won.
Norang Tongdak’s performance shows a growth curve. The number of franchise stores, which was about 400 at the end of 2019, has exceeded 700 this year. Revenue, which was 50.2 billion won in 2019, has risen to 106.7 billion won by 2024, more than doubling. During the same period, operating profit increased from 6.5 billion won to 12.7 billion won, and net profit rose from 5.1 billion won to 10.3 billion won.
Meanwhile, the Philippine dining corporation Jollibee acquired 100% equity of the low-cost coffee franchise Compose Coffee for 470 billion won (340 million dollars) last July in collaboration with the domestic private equity fund management firm Elevation Equity Partners.