GEN Korean BBQ diners could soon have a new reason to study the meat menu. Los Angeles-based Chubby Group plans to take over operations at 47 GEN restaurants, with a wagyu-focused version called GEN X among the concepts it intends to introduce.
The proposal is part of a transaction valued at up to $100 million, according to Chubby’s October 15 announcement, and also covers four development sites. GEN announced a board-approved binding letter of intent a day earlier. The sale still requires final agreements and approvals, but the companies have laid out a phased transition with substantial plans for the dining rooms.
Chubby also announced a separate $50 million investment round led by Prysm Capital at a $500 million company valuation. For AYCE fans, the restaurant plans are the part to follow most closely: Chubby says the acquired locations would relaunch as GEN X or one of its other concepts, joining a group that already includes Chubby Cattle, Wagyu House, The X Pot and NIKU X.
Wagyu and a phased rollout
In its announcement, Chubby describes GEN X as a wagyu-focused take on the Korean barbecue experience. The group plans to bring the restaurants onto its own food supply network and Chubby Club membership system as the changes roll out.
The proposed takeover would happen in four phases over 12 months. Chubby targets November 1 for the first 12 restaurant handovers, while GEN’s announcement says the parties are working toward closing within 30 days of its October 14 release. Those are targets rather than completed transfers, and the companies have not published a full restaurant-by-restaurant conversion schedule.
GEN currently offers AYCE tabletop grilling, with rounds of meat and other dishes brought to the table. The promise of more wagyu gives regulars something appealing to watch for, though the future GEN X menus, prices and dining rules have not yet been announced.
A larger next step for an existing partnership
The companies already have experience working together. Earlier this year, Chubby Cattle entered a partnership involving five GEN restaurants, with Chubby holding a majority interest. Buffet Authority previously covered those arrangements alongside GEN’s development plans. The new proposal extends the relationship across a much larger restaurant portfolio.
GEN would retain ownership of its brand and packaged-food business, along with approximately three restaurants to support training and product development. Chubby says it would receive a perpetual license to the GEN name. That arrangement leaves room for the GEN identity to continue while Chubby develops the restaurants’ next menus and formats.
For diners, the coming announcements should make the picture clearer: which locations become GEN X, which receive another Chubby concept, and when each restaurant introduces its new offering. A larger group of wagyu-focused dining options is a welcome prospect for Korean BBQ fans. For now, November 1 is the first handover target, with a year of phased changes proposed after that.
