Jollibee buys out Smashburger
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.