The jolly bee is officially taking over Smashburger.
The Jollibee Foods Corp (JFC) announced today that it has raised its stake in the United States-based company from 85 percent to 100 percent, officially giving it full ownership of the fast-casual restaurant chain, ABS-CBN News reported.
According to the same report, JFC’s subsidiary Bee Good! Inc acquired Smashburger Master LLC’s 15 percent stake for US$10million (PHP530million).
“JFC paid Smashburger Master in cash through Bee Good,” the company stated in a regulatory filing, reported GMA News.
In a separate GMA News article, it said that JFC also appointed Smashburger CEO Thomas Ryan as chief product development advisor.
“We look forward to the development of Smashburger into a very strong brand and business in the United States. It has excellent products created mostly by Mr. Tom Ryan,” Tony Tan Caktiong, chairman of Jollibee Foods, said in a statement, reported by The Philippine Daily Inquirer.
Smashburger currently has 351 stores across nine countries, with the majority of these restaurants located within the U.S.
We know what you’re thinking: will they bring the 100 percent Angus beef burgers to Asia too?
Short answer: Yes, yes they will.
In July, Jollibee CEO Ernesto Tanmantiong said that Smashburger will be coming to Asia, starting in the Philippines.
“We will bring it to Asia. We don’t have a definite plan yet, probably we will in two years,” he was quoted as saying by Philippine Star.