Philippines-based fast-food group Jollibee Foods Corporation (JFC) has announced that it has agreed terms to acquire Coffee Bean & Tea Leaf, the speciality tea and coffee brand.
The $350 million deal is Jollibee’s largest international acquisition to date, with $100 million being invested in a new Singapore-based holding company in order to carry out the transaction.
The move marks the biggest step taken so far in JFC’s ambition to become one of the world’s top five biggest restaurant companies.
JFC’s chairman, Tony Tan Caktiong, said in the SEC announcement: “The acquisition of The Coffee Bean & Tea Leaf brand will be JFC’s largest and most multinational by far, with business presence in 27 countries.
“This will add 14% to its global system wide sales, 26% to its total store network, will bring international business’ contribution to 36% of worldwide sales and will bring JFC closer to its vision to be one of the top 5 restaurant companies in the world in terms of market capitalization.”
JFC’s portfolio currently includes Smashburger in addition to Vietnam-based chains Highlands Coffee and Pho 24 noodle, while it also operates Dunkin’ Donuts across several parts of China and is responsible for Burger King in the Philippines.