MANILA – Philippines’ Jollibee Foods Corp. announced on Wednesday it has agreed to acquire U.S. brand Coffee Bean & Tea Leaf for $100 million as part of its rapid expansion outside its home market.
“The acquisition of Coffee Bean & Tea Leaf will be Jollibee’s largest and most multinational so far with business presence in 27 countries,” Jollibee Chairman Tony Tan Caktiong said in a statement, adding that the acquisition will add 14% to its global systemwide sales and 26% to its total store network.
On Guam, the franchisee for Jollibee, Heavenly Foods, has extended its hours of operation and confirmed the location in Dededo is the largest Jollibee outside of the Philippines. The Jollibee on Guam opened in April to crowds that formed long lines for weeks.
The Guam Jollibee franchisee is aiming to open four more locations.
Meanwhile, Los Angeles-based Coffee Bean & Tea Leaf has 1,189 outlets spread across the United States, Southeast Asia and the Middle East, and is rapidly growing in Asia. Nearly three-fourths of its outlets are franchised.
JFC will invest $100 million for an 80% share in a Singapore holding company that will acquire CBTL. The remaining 20% stake will be owned by JFC’s partner in its Vietnam coffee and restaurant business.
JFC will invest another $250 million, which will be paid back by the holding company.
Daily Post Staff contributed to this report.