Jollibee owns 85% stake in Smashburger

Jollibee Foods Corporation (JFC), Asia's largest food service company, will acquire an additional 45% of the Smashburger brand for USD100M, bringing JFC ownership stake to 85%.

"Jollibee has been an invaluable strategic partner to date," said Tom Ryan, co-founder and CEO of Smashburger. "Our momentum in 2017 around improved guest experience, iconic and record-setting product launches, and innovative marketing provide JFC a tremendously strong brand to enter the North American market. Our entire team couldn't be more excited to grow the Smashburger brand and share the great tastes of Smashburger with the world."

Denver-based Smashburger  is known for its "Better Burger" concept. In 2017, Smashburger launched and sold nearly two million Triple Double Burgers setting record levels of mix, sales and traffic. The company also launched the Smash Pass, a subscription model consumer frequency program, a fast casual first.

"This reinforced strategic partnership with JFC will allow Smashburger to continue to focus on growth in both existing and new markets including the opportunity to bring our great tasting burgers, fries and hand-spun shakes to Southeast Asia. We look forward to building upon our successful relationship to further bolster the brand as an international leader in the better burger segment," said Bradford Reynolds, CFO of Smashburger.