Jollibee now 100% owner of US burger chain Smashburger
The fast food company aims to expand the burger chain business in the US, Philippines, China and Vietnam.
Philippine fast food operator Jollibee Foods Corporation (JFC) has announced that they taken full ownership of the US burger chain Smashburger.
The Philippine fast food chain, which recently entered the UK, has bought the remaining 15% stake of the burger brand for US$10 million. Jollibee also will also inject US$80 million capital on the burger chain into equity before the year ends to support 2019 growth plans.
Thomas Ryan, the founder and CEO of Smashburger, has been appointed as JFC chief product development advisor whilst Jose Miñana will be the president of the burger chain.
JFC CEO Ernesto Tanmantiong said that they will expand Smashburger in the Philippines, China, Vietnam and ‘stronger growth’ in the US.
“We are building the organisation structure and systems to make this happen,” Tanmantiong said.
