This article was published on the ChosunBiz MoneyMove (MM) site on Jan. 20, 2026, at 3:36 p.m.
Domestic private equity firms Q Capital Partners and Koston Asia are pursuing the sale of chicken franchise Norang Tongdak, and multiple potential buyers have shown interest in acquiring the chain. After talks with Philippine dining company Jollibee collapsed last year, the sellers, who had been taking a breather, are expected to speed up the sale once last year's results are released and use those figures as a basis.
According to the investment banking industry, several foreign investors and domestic financial investors have shown interest in Norang Tongdak and have contacted the sellers. Norang Tongdak (corporate name Norang Food) shares are 100% held by Q Capital Partners and Koston Asia through a special purpose company, Norang Holdings. Samjong KPMG is the lead sell-side adviser.
Potential buyers are focusing on Norang Tongdak's potential for overseas expansion. As global demand for K-food expands and export values hit record highs, overseas consumers' interest in Korean-style chicken is also rising, the buyers believe. In addition, the won-dollar exchange rate remaining at a high level is prompting interest from foreign investors, because if the exchange rate falls in the future, the dollar-denominated corporate value could rise.
The resolution of the raw material supply issues that led to the breakdown of sale talks with Jollibee in mid-2025 is also acting as a positive factor. At that time, the spread of avian influenza in Brazil disrupted chicken imports and drove costs sharply higher, and Jollibee reportedly sought a reduction in the purchase price for that reason. Since then, Norang Tongdak stabilized its raw material supply lines and resolved the related risks.
Against this backdrop of changing conditions, the sellers believe last year's annual results improved from the prior year. Norang Tongdak's 2023 revenue and operating profit were 106.7 billion won and 12.7 billion won, respectively. Given that EBITDA multiples of around 10 times are typically applied in franchise M&A transactions, a revaluation of corporate value could be discussed depending on whether results improved. Jollibee previously offered an acquisition price in the low 100 billions of won range for Norang Tongdak last year.
After the deal with Jollibee fell through, the sellers continued negotiations with other potential buyers, including signing nonbinding memorandums of understanding, but no final transaction was reached.
Despite the emergence of multiple potential buyers, some in the market worry that Korea Pizza Hut's recent final loss in a suit over returned differential franchise fees could be a negative factor.
They say that because the court has put a brake on franchisors' distribution margins, additional legal risks could surface alongside declines in sales. MBK Partners' bhc and the Carlyle Group's A TWOSOME PLACE are also pursuing suits related to differential franchise fees. The sellers, however, say they have no related lawsuits and have already had legal reviews, so they expect there will be no major problems.
An IB industry official said, "Overseas expansion is the most certain strategy to raise the corporate value of domestic food and beverage companies," and noted, "Like Bonchon Chicken, which VIG Partners owns, Norang Tongdak is likely to see new management focus on overseas expansion after the sale."