Jollibee Foods Corporation (JFC) announced Friday, December 14, 2018, that it has acquired 100 percent of American fast-casual hamburger chain Smashburger.
Such acquisition is seen to pave the way for Jollibee to further expand its operations across the United States and in at least seven other countries.
Smashburger, which was founded in Denver, Colorado, has 351 stores in 38 states in the US and in seven other countries, namely, Canada, Costa Rica, United Kingdom, Kuwait, Panama, Saudi Arabia, and El Salvador.
Aside from burgers and chicken (cooked two ways - grilled and crispy), Smashburger is also widely known for its black bean burgers and hand-spun milkshakes made with Haagen-Dazs ice cream.
In a disclosure to the Philippine Stock Exchange Friday, Jollibee said it has acquired Smashburger Master LLC’s 15-percent stake in SJBF LLC, the parent company of the entities comprising the Smashburger® business for US$10 million.
Jollibee made the acquisition through wholly-owned subsidiary Bee Good! Inc. (BGI) and paid Master in cash.
“JFC is now the sole owner of the Smashburger® business,” the company said.
Jollibee, which has a market value of P320.5 billion (roughly US$6 billion), had more than a thousand company-owned and franchised stores nationwide as of end-2017.
It has more than 200 stores in the US, Canada, Vietnam, Brunei, Hong Kong, Singapore, Middle East, Italy and UK.
As of 11:38 a.m. Friday, Jollibee was trading at P296.80, up 0.75 percent or P2.20 from the previous day’s close of P294.60. (Ventures Cebu)