Extra stake in Smashburger for Jollibee Foods
Jollibee Foods Corporation has agreed to acquire an extra 45 per cent of the US Smashburger brand for US$100 million, giving it a controlling stake of 85 per cent.
“Jollibee has been an invaluable strategic partner,” says Smashburger co-founder/CEO Tom Ryan.
His company last year launched and sold nearly 2 million Triple Double Burgers, setting record levels of mix, sales and traffic. The company also launched the Smash Pass, a subscription-based loyalty program.
Smashburger CFO Bradford Reynolds says Jollibee’s majority stake in Smashburger positions the brand for continued growth, particularly in Southeast Asia.
As well as beef and turkey burgers, Smashburger offers grilled or crispy chicken sandwiches, black-bean burgers, salads, side items and hand-spun Haagen-Dazs shakes. For each market, the menu includes locally inspired items as well as local craft beer. Launched in 2007, the chain now has more than 360 corporate and franchise restaurants in 38 states and nine countries.