Filipino fast food restaurant company Jollibee Foods Corp (JFC) has acquired the remaining 15 percent stake in U.S.-based fast-casual hamburger restaurant chain Smashburger that it did not own for $10 million.
JFC said that the acquisition of Smashburger Master LLC’s 15 percent stake in SJBF LLC, the parent company of the entities comprising the Smashburger business, was carried out by its subsidiary, Bee Good! Inc.
Before the end of this year, JFC will invest more capital into the Smashburger business by converting $80 million credit held by Bee Good! on Smashburger into equity.
With the additional capital, Smashburger will enhance its growth in 2019 and in the years ahead and will enable JFC to participate in the very large mainstream American consumer market in addition to serving Filipino-Americans in the U.S.