Jollibee Foods Corp. (JFC) joins the American burger market by acquiring a 40% stake of the fast-growing American based burger chain, Smashburger for 99 million USD.
Through its wholly-owned subsidiary Bee Good! Inc. (BGI), JFC signed a deal with Smashburger LLC which initially grants JFC 40% with an option to obtain full control through 2026.
The US burger chain currently has 339 restaurants in 35 US territories and seven foreign countries with sales of about $339 million in 2015, equivalent to 12 percent of JFC’s worldwide sales for the same period.
The purchase of the 40% stake is said to be completed within 2015.