Jollibee Foods purchases a stake in a fast-casual burger concept.
Smashburger has sold 40 percent of the company to Jollibee Foods Corporation, a large Asia-based restaurant company. The purchase price values Smashburger at a $335 million enterprise value.
Launched in 2007, Smashburger has more than 335 corporate and franchised restaurants operating in 35 states and 7 countries. Approximately 60 of Smashburger’s locations are company owned and operated.
Jollibee Foods Corporation, a publicly-traded company from the Philippines, operates and franchises a network of more than 3,000 restaurants worldwide under the trade names Jollibee, Chowking, Greenwich, Red Ribbon, Yonghe King, Hong Zhuang Yuan, Mang Inasal, Burger King Philippines, San Pin Wang, Jinja Bar. Jollibee also has a 50 percent interest in the Super Foods Group, which operates and franchises restaurants under the Pho 24 and Highlands Coffee brands throughout Vietnam.