To claim its place among the world’s top 10 fast food brands, Philippine-based Jollibee Foods Corp is launching an acquisition drive to buy more overseas companies and is looking at ticket sizes up to $100 million.
This comes close on the heels of its acquisition of a 40 per cent stake in US-based restaurant brand Smashburger Master LLC for $99 million.
Jollibee chairman Tony Tan Caktiong told local media that they plan to acquire one or two more quick-service restaurant (QSR) companies in China and the US with deal sizes similar to the Smashburger acquisition.
Although it reigns as the top QSR franchise firm in the Philippines, Jollibee’s international operations accounts for only around 20 per cent of its overall financial performance, and to become a world class company, it must be able to generate 50 per cent of its sales overseas, a report said.
Yet among publicly listed quick-service restaurants, Jollibee has been ranked first in Asia and 10th in the world in terms of market capitalisation.
Shortly after acquiring Smashburger recently, Jollibee disclosed plans of bringing its flagship store Jollibee, to the United Kingdom, Italy, Canada, Malaysia and Oman in 2016, and Australia and Japan in 2017 as part of its plans in expanding its global footprint. It’s other existing markets are in Vietnam and Brunei, and the company intends to open more new stores next year.
Jollibee’s last trading price increased 0.89 per cent or P1.80 to close at P203.80.