The Carlyle Group (Carlyle Asia Partners) acquires 100% of KFC Korea for KRW 192bn

FI Consumer & Retail Restaurant franchise (QSR)

Deal value: $132m
Stake: 100%
Implied 100%: $132m
Revenue: $202m
Op. income: $11m
Multiples: EQV/EBIT 11.7xPSR 0.7x

DART 20250328000076

Target: KFC Korea · Restaurant franchise (QSR)
Buyer: The Carlyle Group (Carlyle Asia Partners) · FI
Seller: Orchestra Private Equity
Structure: —
Announced: Dec 22, 2025
Closed: Apr 17, 2026
Stage: Closed

Target

Korean operator of the KFC restaurant franchise; 2025 revenue KRW 292.3bn (+17.7% YoY) and operating profit KRW 16.4bn (Kukinews). Acquired by KG Group in 2017 and by Orchestra PE in 2023.

Deal rationale

Orchestra PE bought 100% from KG Group in 2023 for KRW 73bn, grew revenue at a 23% CAGR and EBITDA 3.2x through operational efficiency, brand repositioning and digital transformation, and sold via its OPE VI fund after about three years for about KRW 200bn (IRR reportedly ~50%) (MTN). Kukinews reported Carlyle considered buying through A Twosome Place (acquired 2021 for ~KRW 1tn) before switching to a direct acquisition; adviser Yoon & Yang stated Carlyle plans to combine KFC Korea with Twosome into a multi-brand platform. KFC Korea announced store expansion, a new app and stronger marketing (Korea JoongAng Daily).

PE 세컨더리PE 회수(펀드 만기)볼트온

Revenue	$202m
Operating income	$11m
EBITDA	—
Net income	—

2024 별도 · DART-verified · 20250328000076

Reported multiples

EV/EBITDA (press estimate) 10.0x 업계 추정 기업가치 약 4,600억원 기준 source ↗

Press coverage

Yoon & Yang (law firm case note) (2026-04-20): “Valued at approximately KRW 192 billion”
MTN (2026-04-17): “칼라일그룹에 KFC코리아 지분 100%를 약 2000억원에 넘겼다.”
쿠키뉴스 (2025-12-22): “인수가는 2000억원대 초반으로 거론된다.”
Korea JoongAng Daily (2026-04-27): “Carlyle Asia Partners recently completed the acquisition of a 100 percent stake in KFC Korea”
스마트투데이 (2026-04-17): “매출 연평균성장률(CAGR) 23%, 상각전영업이익(EBITDA)은 3.2배”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.