M&A with a side of sauce
Your cheat sheet for the smartest deals of the week.
This week, a pizza giant flirts with private ownership, Jollibee expands its fast food takeover in Korea, and a viral dessert from Dubai offers a masterclass in going global (and staying visible). Let's get into it.
SPOTLIGHT
FROM CRAVING TO DESSERT CATEGORY
What started as a local treat is now a global sensation, but this viral chocolate bar outran its own brand. FIX Dessert Chocolatier’s “Can’t Get Knafeh of It” bar — a knafeh-tahini-pistachio-filled chocolate created in Dubai — exploded online after a single TikTok in late 2023. Demand surged exponentially. Resellers flipped bars for $50+, and production maxed out at 500 handmade bars a day.
But as fame grew, the brand faded. The internet crowned it “Dubai chocolate” — and just like that, FIX’s creation became generic. Major chains launched their own versions. Even Lindt jumped in.
So what did FIX do right?
Cultural fusion: “Can’t Get Knafeh of It” was a fresh, story-driven product no one else had.
Visual engineering: It looked good on TikTok and Instagram.
Scarcity: 25–500 bars a day made it exclusive.
Craftsmanship: Being handmade made it feel personal and premium.
…And what went wrong?
FIX didn’t protect or reinforce its brand identity.
The term “Dubai chocolate” took over and everyone copied the look.
The brand got buried under the trend it created.
If your product goes viral, your brand needs to go viral with it. Otherwise, you’re just building a new category, not a company. And while it may be satisfying to see your idea everywhere, seeing someone else’s logo on it may not be.
OTHER MONEY MOVES
APOLLO WANTS A SLICE OF PAPA JOHN’S
Private equity sees opportunity in pizza — and room for a turnaround.
Apollo Global Management and Irth Capital are circling Papa John’s in a $1.7B take-private bid, offering a premium of just over $60/share. The move sent stock soaring 7.5% on the news.
Apollo knows restaurants. Past bets include Qdoba, Chuck E. Cheese, and Wagamama’s parent company.
THE TAKEAWAY
Pizza is still serious business, but the "cheap, fast pizza" model is under pressure. Food costs, wage pressures, and third-party delivery fees have squeezed margins. PE firms will look for ways to protect profitability, which may impact how and where consumers access the brand. And, as more chains struggle with digital transformation and changing consumer tastes, take-privates let PE firms reposition them without Wall Street pressure. Think of this as a test case.
Jollibee Doubles Down on Korea
Fast food meets private equity in Asia’s most dynamic food market.
Jollibee’s Korean subsidiary, Jollik, is acquiring Norang Tongdak from Q Capital and CoStone Capital. The deal builds on last year’s $340M purchase of Compose Coffee, also in Korea.
THE TAKEAWAY
Jollibee is methodically scaling across Asia, targeting PE-backed local champions and riding the Korean food wave. By acquiring cult-favorite chains in Korea, the Philippines, and beyond, it’s making itself a major player in the Asian food space. The stronger its portfolio of popular regional brands (like Compose Coffee and now Norang Tongdak), the more likely it is to export those hits abroad, especially to major diaspora markets like the U.S., Canada, and the Middle East.
MERGE METRIC OF THE WEEK
$271 billion
That’s the record value of U.S. private-label grocery sales in 2024, a 4% year-over-year increase as store brands continue to storm the aisles. Consumers are leaning on store brands for value, particularly as prices rise. Plus, if traditional brands aren't reinforcing why they're worth a premium, private-label alternatives are ready to take their spot.
That’s it for this foodie edition. Proof that behind every sweet craving, crispy chicken thigh, and pizza box, there’s a corporate strategy worth watching.
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