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Denver-based Smashburger now majority owned by Philippines’ Jollibee Foods Corp.

USA 1 week ago Denver Post 3

A Filipino company with a smiling bee for a mascot now owns a majority stake in Denver-based fast casual burger chain Smashburger. 

Jollibee Foods Corp. has paid $100 million to boost its ownership stake in Smashburger from 40 percent to 85 percent. The deal was announced Tuesday.

Smashburger officials are casting the sale as a means to further expand globally the company’s “better burger” concept, centered on smash-seared, never-frozen burger patties. The 360-location chain, founded in Denver in 2007, now has stores in 38 U.S. states and nine countries.

Jollibee is the largest food service company in the Philippines, operating 2,875 restaurants there, including 1,062 under its own Jollibee banner. It operates another 924 restaurants in other, primarily Asian countries. It has recently grown the Jollibee brand in the U.S., though it doesn’t have any Colorado locations to date.

“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,” Smashburger CFO Bradford Reynolds said in a news release. “We look forward to building upon our successful relationship to further bolster the brand as an international leader in the better burger segment.”

Jollibee first bought into Smashburger in 2015, when it paid $100 million for a 40 percent stake.


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