TL;DR
Jollibee Foods Corp. has acquired a majority stake in Smashburger, with Tom Ryan remaining CEO and taking on an additional title. Jollibee now operates over 4,300 restaurants worldwide, including Smashburger's 350 corporate and franchise stores.
Philippines-based restaurant juggernaut Jollibee has acquired the final 15% of Smashburger stakes needed to make the chain the majority stakeholder, according to an article in Nation’s Restaurant News.
Jollibee operates “more than 4,300 restaurants around the world under various banners,” according to the article, “including its namesake fried chicken fast food chain.”
While the value of the deal has not been disclosed, it is known that a leadership change is on the horizon for the 11-year-old fast-casual chain founded in Denver by Tom Ryan.
Nation’s Restaurant News reports that “Ryan will remain CEO. However, he will take on the additional title of chief product development advisor of JFC Global” and that “Jollibee veteran executive Jose ‘Pepot’ Miñana has been tapped as Smashburger’s new president.” Miñana “will oversee the daily operations of the company, which operates more than 350 corporate and franchise stores in 38 states,” according to the article.
In this story
This story was originally published in 1851 Franchise on December 17, 2018. Burnaze summarizes and links to the original reporting.
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