JBFCY - Jollibee Foods Corporation (JFC) Takes Majority Stake In Growth Focused Smashburger Brand
DENVER, Feb. 13, 2018 /PRNewswire/ -- Smashburger, the Denver-based "Better Burger" concept, today announced that Jollibee Foods Corporation (PSE: JFC), Asia's largest food service company, has agreed to acquire an additional 45 percent of the Smashburger brand for $100M USD, bringing JFC ownership stake to 85 percent.
"Jollibee has been an invaluable strategic partner to date," said Tom Ryan, co-founder and CEO of Smashburger. "Our momentum in 2017 around improved guest experience, iconic and record-setting product launches, and innovative marketing provide JFC a tremendously strong brand to enter the North American market. Our entire team couldn't be more excited to grow the Smashburger brand and share the great tastes of Smashburger with the world."
In 2017, Smashburger launched and sold nearly two million Triple Double Burgers setting record levels of mix, sales and traffic. The company also launched the Smash Pass, a subscription model consumer frequency program, a fast casual first.
JFC's majority stake in Smashburger positions the brand for continued growth. "This reinforced strategic partnership with JFC will allow Smashburger to continue to focus on growth in both existing and new markets including the opportunity to bring our great tasting 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, CFO of Smashburger.
About Smashburger
Smashburger is a leading fast casual better burger restaurant known for its 100 percent fresh never frozen, burgers that are smashed on the grill to sear in the juices and seal in the flavor. In addition to beef and turkey burgers, Smashburger offers grilled or crispy chicken sandwiches, black bean burgers, fresh salads, signature side items and hand-spun Haagen-Dazs® shakes. On each market menu, Smashburger offers locally inspired items like the regional burger, as well as regional sides and local craft beer. Smashburger began in 2007 with the vision of Rick Schaden and funding by Consumer Capital Partners–the private equity firm that Rick and his father Richard own. There are currently more than 360 corporate and franchise restaurants operating in 38 states and nine countries. To learn more, visit www.smashburger.com.
About Jollibee Foods Corporation (JFC)
JFC operates the largest food service network in the Philippines. As at December 31, 2017, it was operating 2,875 restaurant outlets in the country: Jollibee brand 1,062, Chowking 526, Greenwich 272, Red Ribbon 427, Mang Inasal 495 and Burger King 93. Abroad, it was operating 924 stores: Yonghe King (China) 309, Hong Zhuang Yuan (China) 43, Dunkin' Donuts (China) 15, Jollibee 198 (US 37, Vietnam 98, Brunei 15, Saudi Arabia 12, UAE 9, Qatar 6, Singapore 5, Kuwait 4, Hong Kong 8, Bahrain 1, Canada 2 and Oman 1), Red Ribbon in the US 33, Chowking 45 (US 15, UAE 20, Qatar 3, Oman 3, Kuwait 3, and Saudi Arabia 1), Highlands Coffee 244 (Vietnam 212, Philippines 32), Pho 24 29 (Vietnam 12, Indonesia 15, Korea 1, and Australia 1), Hard Rock Cafe 8 (Vietnam 2, Hong Kong 3, Macau 3). The JFC Group's worldwide store network reached 3,799 stores.
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SOURCE Smashburger