Jollibee buys out Smashburger with big deal
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Jollibee has taken full ownership and control of US fast-food chain Smashburger after acquiring an 85 per cent stake in February. The Philippine company said it paid US$10 million to acquire the remaining 15 per cent of the company and that it has made management changes.
Tom Ryan, Smashburger founder and CEO, will take on the additional title of chief product development advisor at Jollibee Foods Corporation globally, focusing on strengthening taste and quality aspects across key brands and enhancing their relevance across global markets.
Jose “Pepot” Minana has assumed the role of Smashburger president, including daily operations, collaborating on strategy and brand direction, and lead the continuing integration of Smashburger into the Jollibee Foods portfolio.
Smashburger has 351 stores and accounts for 7 per cent of Jollibee’s global sales which totalled $3.4 billion last year.
Questions & Answers
Q.How much did Jollibee pay for the final portion of Smashburger?
How much did Jollibee pay for the final portion of Smashburger?
Jollibee paid US$10 million to acquire the remaining 15 per cent of Smashburger. This deal completed their full ownership of the US fast-food chain, following an earlier 85 per cent stake acquisition.
Q.What is the new role for Smashburger's founder, Tom Ryan?
What is the new role for Smashburger's founder, Tom Ryan?
Tom Ryan, Smashburger's founder and CEO, will now serve as chief product development advisor for Jollibee Foods Corporation globally. His focus will be on enhancing taste and quality for key brands worldwide.
Q.Who is the new president of Smashburger, and what are their responsibilities?
Who is the new president of Smashburger, and what are their responsibilities?
Jose “Pepot” Minana has taken over as Smashburger president, overseeing daily operations. He will also collaborate on brand strategy and direction, leading the ongoing integration into the Jollibee Foods portfolio.
Q.What percentage of Jollibee's total sales does Smashburger currently represent?
What percentage of Jollibee's total sales does Smashburger currently represent?
Smashburger accounts for 7 per cent of Jollibee’s global sales. Jollibee's total sales reached $3.4 billion last year, with Smashburger operating 351 stores.
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