Jollibee Foods Takes Majority Stake in Smashburger
Pasig, Philippines-headquartered Jollibee Foods Corporation (JFC) has acquired an additional 45 percent of the Denver, Colorado-headquartered Smashburger fast-casual burger restaurant chain for $100 million. This increases JFC’s ownership stake to 85 percent.
"Jollibee has been an invaluable strategic partner to date," said Tom Ryan, co-founder and chief executive officer of Smashburger. "Our momentum in 2017 around improved guest experience, record-setting product launches, and innovative marketing provides JFC with a tremendously strong brand to enter the North American market."
Smashburger launched and sold nearly two million Triple Double Burgers last year, setting record levels of mix, sales and traffic. Founded in 2017, the company has more than 370 corporate and franchise outlets operating in 37 US states and nine countries including Canada, Costa Rica, the United Kingdom and Saudi Arabia.
"This reinforced strategic partnership with JFC will allow us to continue to focus on growth in both existing and new markets, including the opportunity to bring our burgers, fries and hand-spun shakes to Southeast Asia. We look forward to building upon our successful relationship to further bolster the brand as an international leader in the better burger segment," said Bradford Reynolds, Smashburger’s chief financial officer.
Jollibee is the largest operator of fast food restaurants and other foodservice outlets in the Philippines, with more than 2,500 outlets nationwide. In business since 1978, its menu features chicken, burgers, hot dogs, french fries, corn, noodles, rice meals, breakfast dishes and desserts.