Jollibee takes a bite into Mexican chain for US$12.4-M
Jollibee Foods Corp. (JFC) said it will invest US12.4 million to acquire a stake in the Mexican restaurant Tortas Frontera in the United States.
Under the deal, JFC will get 47 percent of the fully-diluted membership interests in Tortas Frontera LLC, which owns the Tortas Frontera business founded by Bayless.
“We at Jollibee Foods Corporation are very excited about this new partnership. We have great admiration for Chef Rick Bayless for being a top chef, for being a successful restaurateur and for his philanthropic endeavours,” JFC Chairman Tony Tan Caktiong said in a statement.
“Together with his organization and brand Tortas Frontera, we will build a significant business in the large and fast-growing Mexican food category in the United States. This venture is very much in line with JFC’s mission: to serve great tasting food and spread the joy of eating to everyone!” Caktiong added.
JFC’s partnership with Bayless came after the Philippine company completed its acquisition of additional 45 percent share in US hamburger chain Smashburger Master LLC, a report in Philippine Star showed.