Twelve GEN Korean BBQ House restaurants scattered across Texas — from Houston to El Paso — could soon be operating under new ownership after their parent company agreed to sell dozens of U.S. locations in a deal worth up to $100 million. The buyer, Chubby Group, is a hot pot and Japanese-cooking operator that already runs several wagyu-focused concepts in Houston, and it plans to fold the Korean barbecue chain’s Texas footprint into its broader national expansion.
Gen Restaurant Group, based in Los Angeles, announced it signed a binding letter of intent to sell operations of 47 GEN Korean BBQ House restaurants to Chubby Group, according to Chron. The agreement, detailed in a release from Chubby Group, covers 47 U.S. restaurants and four development sites in a transaction valued at up to $100 million. Closing remains subject to definitive agreements, license and lease transfers, and regulatory approvals, the company said.
Texas accounts for a significant chunk of the chain being sold. GEN Korean BBQ House has 12 locations across the state, including three in the Houston area, five in the Dallas-Fort Worth metroplex, two in the Austin area, and one each in El Paso and Waco, per Chron’s reporting. The sale may include all 12 of those Texas locations, though Gen Restaurant Group has not identified which specific restaurants will ultimately remain under its own banner.
What Gen Keeps, What Chubby Takes
Under the proposed arrangement, Gen Restaurant Group will retain the GEN brand itself along with its consumer-packaged-goods business. The company will also remain publicly traded and hold onto roughly three restaurants — including one in Cerritos, California — for staff training and research and development, according to Chubby Group. The sale is also expected to reduce Gen’s roughly $160 million in lease obligations, as reported by CoStar…