Jollibee to acquire California-based Coffee Bean in new $350 million deal
Coffee Bean and Tea Leaf will soon be part of Jollibee's portfolio through an initial acquisition deal priced at $100 million
Jul 24, 2019
Jollibee Food Corp has recently announced a new addition to their growing portfolio: Coffee Bean and Tea Leaf, the California-based specialty coffee and tea brand will be acquired by Jollibee through its subsidiary Jollibee Worldwide Pte Ltd.
The price? A whopping $350 million or equivalent to P5.1 billion, with an initial investment of $100 million.
In a statement, Jollibee chairman Tony Tan Caktiong said this will generate 14 percent of their total sales, the second next to its namesake food chain which is the largest fast food chain in the country with more than 1000 stores locally and over a 100 branches overseas.
According to Jollibee, Coffee Bean and Tea Leaf currently has 1,189 outlets as of December 2018.
Coffee isn’t a new venture in Jollibee’s part. They have been operating Highlands Coffee in Vietnam, all 284 branches.
Last year, JFC announced it will be bringing Panda Express to Manila through a 50-50 joint venture with its owners. The company currently runs over 3,000 Jollibee, Chowking, Greenwhich, Red Ribbon, Mang Inasal, and Burger King stores nationwide.
Photo courtesy of Jollibee’s Facebook page
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