Philippines' Fast Food Giant Jollibee Is Buying Coffee Bean & Tea Leaf For RM412 Million
It will be the company's biggest multinational acquisition to date.
By Tamara Jayne — 24 Jul 2019, 04:15 PM
Filipino fast food giant Jollibee Foods Corporation (JFC) just announced that it is acquiring US brand Coffee Bean & Tea Leaf for USD100 million (RM412 million)
Jollibee released the statement to the Philippines Stock Exchange today, 24 July, as reported by Inquirer.net.
It will be the company's biggest multinational acquisition to date, with Coffee Bean & Tea Leaf businesses found across 27 countries.
Jollibee is the largest fast food chain in Philippines with 3,195 stores nationwide
It also operates 1,418 stores of various brands overseas, including Highlands Coffee in Vietnam.
This will be the second largest business under the corporation, with Jollibee taking lead in first place
The investment is part of Jollibee's plan to push for sales outside its home market.
Jollibee Worldwide will make the acquisition through its subsidiary Java Ventures, which will eventually be a subsidiary of the new holding company.
According to Jollibee founder Tony Tan Caktiong, the acquisition will add 14% to its global system-wide sales and 26% to its total store network, Channel NewsAsia reported.
"Combined with Highlands Coffee, with business mostly in Vietnam, this acquisition will enable JFC to become an important player in the large, fast-growing, and profitable coffee business," he added.
