Of its 1,189 locations last year, 336 were corporate run and 284 were domestic. Smashburger had 351 stores and accounted for 7 percent of Jollibee's systemwide sales at the time.Ĭoffee Bean & Tea Leaf was founded in 1963. The company forked up $10 million to acquire the remaining 15 percent of the burger chain’s shares. Jollibee became the sole owner of Smashburger in December 2018. Our priority is to accelerate the growth of The Coffee Bean and Tea Leaf brand particularly in Asia, by strengthening its brand development, marketing and franchise support system." ![]() "CBTL will be JFC’s second largest business after Jollibee brand while coffee business will account for 14 percent of JFC’s worldwide system sales. “Combined with Highlands Coffee, with business mostly in Vietnam, this acquisition will enable JFC to become an important player in the large, fast growing, and profitable coffee business,” he added. “This will add 14 percent to its global system wide sales, 26 percent to its total store network, will bring international business’ contribution to 36 percent of worldwide sales and will bring JFC closer to its vision to be one of the top five restaurant companies in the world in terms of market capitalization.” “The acquisition of The Coffee Bean & Tea Leaf brand will be JFC’s largest and most multinational so far with business presence in 27 countries,” Jollibee chairman Tony Tan Caktiong said in a statement. It has previously said it wants to become one of the top five resultant companies in the world in terms of market capitalization. The deal will boost contributions from international businesses to 36 percent of total sales for Jollibee. The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. Los Angeles-based Coffee Bean & Tea Leaf will add 14 percent to Jollibee’s global sales and expand its base by more than a quarter. The company grabbed a 47 percent stake in Rick Bayless’ Mexican fast casual Tortas Fronteras for $12.4 million in September. It spent $210 million on Smashburger and $111.3 million on Mang Inasal. The deal is the biggest yet for Jollibee, according to Bloomberg. The holding company will issue, within six to nine months, preferred shares of at least $250 million, which will be used to repay Jollibee’s advances.Ĭoffee Bean & Tea Leaf will be consolidated into JFC’s financial statements immediately upon acquisition. Through Singapore-based subsidiary Jollibee Worldwide Pte Ltd., the company will initially finance the acquisition through a bridge loan. The rest of the amount will come in the form of advances. ![]() ![]() Jollibee Foods Corp., Philippines' largest restaurant company, said it has acquired Coffee Bean & Tea Leaf for $350 million.Īccording to a Philippine’s stock exchange disclosure, Jollibee, which also holds stakes in Smashburger and Tortas Fronteras, will invest $100 million for an 80 percent stake in a Singapore venture set up with Vietnamese partners to buy the coffee chain.
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