MANILA: Jollibee Foods, the Philippines' largest food chain operator, is buying US brand Coffee Bean & Tea Leaf (CBTL) for US$100 million (S$136 million) as part of an expansion outside its home market. Jollibee, which has a market value of nearly...
Jollibee Foods, the Philippines' largest food chain operator, is buying US brand Coffee Bean & Tea Leaf for US$100 million as part of an expansion outside its home market.
Jollibee, which has a market value of nearly US$5.5 billion, is buying loss-making CBTL from private equity firm Advent International and other investors including the Sassoon family, a large shareholder in CBTL. Los Angeles-based CBTL has 1,189 outlets spread across the US, South-east Asia and the Middle East, and is rapidly growing in Asia.Jollibee will invest US$100 million for an 80 per cent share in a Singapore holding company that will acquire CBTL.
The remaining 20 per cent stake will be owned by Jollibee's partner in its Vietnam coffee and restaurant business.
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