Smashburger announced a strategic play of selling the 40% of the company to Asia's largest restaurant company, Jollibee Foods Corporation. Jollibee purchased it with price value of $335 million.
Smashburger is known in the US as a restaurant with a leading Fast Casual "better burger" trademark. The brand is known because of its fresh and not at all frozen, 100% Certified Angus Beef® burgers made with quality at a great value.
Smashburger was opened in 2007. It has over 335 corporate and franchised restaurants located in 45 states and seven countries. The left 60% of the company was owned and operated by the company itself.
Jollibee Foods Corporation is the largest food chain in the Philippines. It has 3,000 stores globally. Jollibee started as an ice cream parlor founded by Tony Tan Caktiong and his family.
Rick Schaden, Chairman and Co-Founder of Smashburger said, "We at Smashburger are excited about our new strategic partnership with Jollibee. As founders and entrepreneurs we both have built teams that focus on bringing the highest quality and best tasting food to our restaurant categories. Founder and Chairman, Tony Tan Caktiong and I share a true passion for the restaurant business having opened and operated our very first restaurants, we believe our companies still cultivate that spirit today as we initiate this partnership."
"Smashburger is one of the fastest growing restaurant brands in the US and we are very excited to work side by side with the owners and management of Smashburger as we continue its growth. This acquisition will make JFC's presence in the US more significant, going beyond the Filipino market and serving mainstream consumers in the $100 billion US burger market, a food segment which is estimated to be almost three times larger than the pizza, sandwich or coffee segment in terms of sales. This acquisition will make the US one of JFC's most important markets and drivers of long term growth along with the Philippines, China and other Asian markets abroad," JFC Chairman Mr. Tony Tan Caktiong said in a statement.
