Philippines: Jollibee buys last 30% share in Mang Inasal for $43m

Visual from the company website.

Asia’s largest food service company Jollibee Foods Corp (JFC) has fully acquired its subsidiary Mang Inasal Philippines Inc, buying the firm’s remaining 30 per cent share for $43 million (P2 billion).

JFC disclosed that the 100 per cent acquisition of Mang Inasal Philippines Inc is in line with the terms of the Shareholders’ Agreement executed in 2010 when the company bought 70 per cent of the company for P3 billion.

“JFC shall pay for the shares in cash,” the company said in a statement. “There will be no changes in the business conduct and direction of Mang Inasal resulting from this acquisition except that the Board of Directors of Mang Inasal will, henceforth, be composed completely of representatives of JFC.”

Mang Inasal is a top branded food outlet in the country, known for its portfolio of Chicken Inasal, Pork BBQ, Halo Halo, and Palabok. The company currently has over 450 stores nationwide.

JFC purchased 3,750 shares priced at P533,333 per share for a total of P2 billion or 30 per cent of Mang Inasal.

Also read: Philippines: Jollibee buys out partner stake in China-based food JV Happy Bee for $10m

Jollibee recently revealed that it aims to be among the world’s top 10 fast food brands and is aggressively buying overseas companies with ticket sizes of up to $100 million.

Among publicly listed quick-service restaurants, Jollibee has been ranked first in Asia and 10th in the world in terms of market capitalisation. It’s network outlets have reached 3,023 worldwide, with 2,393 of them in the Philippines, and 630 outlets abroad.

Locally it operates several brands including Red Ribbon bakery chain, Greenwich pizza parlors, Chowking Chinese restaurants, including the Burger King franchise.

Overseas, JFC’s subsidiaries and affiliates develop and operate international brands, such as “Yonghe King”, “Hong Zhuang Yuan”, “San Pin Wang” brands under the SuperFoods Group, and “12 Hotpot”.

Also read: After Smashburger deal, PH food giant Jollibee shows appetite for more M&As

JFC closed significant deals since December 2014 which includes a $300 million joint venture of its subsidiary Jollibee Worldwide Pte Ltd (JWPL) with Jasmine Asset Holding Ltd (JAHL) that formed Golden Cup Pte Ltd (GCPL), which will own and operate Dunkin’ Donuts restaurants in China. JWPL shall own 60 per cent of the business while JAHL shall own the remainder.

JFC ended 2015 by acquiring a 40 per cent stake in US-based restaurant brand Smashburger Master LLC for $99 million.

And only last February, JFC announced plans to acquire 100 per cent in China’s Happy Bee Foods Processing Pte Ltd by buying out 30 per cent additional stake for $10.4 million. JFC’s unit JWPL currently owns 70 per cent of Happy Bee.

JFC’s last trading price increased 0.44 per cent or P1.00 to close at P227.00.

Also read:

Philippines fast food chain operator Jollibee to add 7 new countries to its global footprint

JV firm Golden Cup to run Dunkin’ Donuts China

Philippines: Jollibee buys out partner stake in China-based food JV Happy Bee for $10m

Indonesia’s Nippon Indosari, PH’s Monde Nissin form $12.4m JV firm

Philippines’ Monde Nissin buys out UK food firm Quorn for

Alliance Select buys out JV partner, takes control of NZ-based Prime Foods

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.