# Gen Korean restaurants sold to Chubby Cattle Group for $100M

> Gen Restaurant Group sells 47 Korean BBQ restaurants to Chubby Cattle Group for $100 million.
- Title: Gen Korean restaurants sold to Chubby Cattle Group for $100M
- Summary: Gen Restaurant Group sells 47 Korean BBQ restaurants to Chubby Cattle Group for $100 million. Gen Restaurant Group is selling all 47 of its Gen Korean…
- Keywords: gen restaurant group, chubby cattle group, korean bbq, cpg business, mergers and acquisitions, restaurant sales, us restaurants, asian fine dining, fast casual, food, business, Gen
- Source: Nation's Restaurant News — https://nrn.com/mergers-acquisitions/gen-korean-restaurants-will-be-sold-to-chubby-cattle-group-for-100-million
- Read time: 1 min
- Topics: gen restaurant group, chubby cattle group, korean bbq, cpg business, mergers and acquisitions, restaurant sales, us restaurants, asian fine dining, fast casual, food, business
## Gen Restaurant Group sells 47 restaurants
Gen Restaurant Group is selling all 47 of its Gen Korean restaurants in a $100 million transaction to Chubby Cattle Group.
## Chubby Cattle Group owns 70+ Asian brands
Chubby Cattle Group operates 70 locations across more than 25 Asian fine-dining, casual-dining, and fast-casual restaurant brands in the United States.
## Gen maintains three restaurants
Gen will keep ownership of three restaurants, including Cerritos, for staff training and research and development.
## Chubby targets 100 restaurants by 2026
Chubby Cattle Group recently completed a $500 million fundraising round and aims to reach 100 restaurants by the end of 2026.
## Gen transitions to retail-only
Gen Restaurant Group is moving out of the foodservice industry to focus on its CPG business while remaining publicly traded.
## Chubby's phased transition plan
Chubby will build on the Korean BBQ experience with a wagyu-forward menu during a disciplined, phased transition of operations.
## Transaction expected to close soon
The deal between Gen Restaurant Group and Chubby Cattle Group is expected to close within the next 30 days.
## Gen's CEO statement
David Kim, CEO and chairman of Gen, said securing a binding letter of intent with Chubby is a major milestone for Gen’s evolution into a premier CPG brand.
## Chubby's CEO statement
Harby Yang, David Zhao, and Joyce Li founded Chubby Cattle Group in 2016 and will take over operations with a wagyu-forward menu.
## Joint venture separate from sale
The previously announced joint venture between Chubby and Gen, where Gen holds a 49% interest, is separate from this transaction.
## Key takeaway

Gen Restaurant Group is selling all 47 of its Gen Korean restaurants to Chubby Cattle Group for $100 million to focus on CPG business.