Philippine fast-food operator Jollibee has bought a 47 per cent stake in US-based Mexican food chain Tortas Frontera.
The US$12.4 million acquisition was announced in a disclosure to the Philippine Stock Exchange. Chairman Tony Tan Caktiong said would help the firm tap the “fast-growing” Mexican food category in the US. Mexican venues occupy about 9 per cent of the US restaurants market.
The move falls in line with Jollibee’s plans to become one of the top five fast-food chains in the world, and is its second major acquisition in the US following taking a majority shareholding in Smashburger. It has also purchased big brands in China.
Jollibee operates 4279 stores globally, with more than 1400 of those Jollibee-branded outlets.