Homegrown fast-food giant Jollibee Foods Corp. has consummated a deal to acquire a controlling stake in US hamburger chain Smashburger, taking a bigger bite of the vast US market and scaling up its global footprint.
In a disclosure to the Philippine Stock Exchange last week, Jollibee said the closing conditions, including required government approvals, had been obtained as provided under the March 8 purchase agreement signed by wholly owned subsidiary Bee Good! Inc. (BGI) for the acquisition of an additional 45 percent of SJBF LLC, the parent company of the entities comprising the Smashburger business.
With the execution of the $100-million deal with Smashburger Master LLC, Jollibee now officially owns 85 percent of Smashburger through BGI, the disclosure said.
Smashburger outlet | nrn.com
With the transaction, US sales contribution to worldwide sales surged to 15 percent from 5 percent. Consequently, foreign businesses now account for about 30 percent of Jollibee’s system-wide sales, from 20 percent prior to the Smashburger deal.
In terms of store network, the consolidation of Smashburger into Jollibee increases its worldwide store network by 365 stores or 9.6 percent to 4,162. This also expands Jollibee’s geographical presence from 16 countries to 21, adding Costa Rica, Egypt, El Salvador, United Kingdom (England and Scotland) and Panama to its global footprint.
Jolibee in New York | Nomadicpinoy.com
Smashburger, which is based in Denver, Colorado, has 365 restaurants worldwide in 39 states in the US and in 10 foreign markets.
Jollibee—now one of the most valuable restaurant chains in the world in terms of market capitalization—had said that one of its priorities upon takeover would be to change Smashburger’s debt structure to significantly reduce its financing cost and enable the business to make more investments for long-term growth.
I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to
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understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia.
I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine.
I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan"
I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy
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