Jollibee now owns 100% of American hamburger chain Smashburger

Photo: Smashburger/Twitter

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.

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