Jollibee buys 40 percent of Denver chain Smashburger
SAN FRANCISCO — Jollibee Foods Corp. of the Philippines, Asia’s largest restaurant company, has bought 40 percent of Denver, Colorado-based hamburger chain Smashburger.
Jollibee’s investment at $100 million, according to the Wall Street Journal. The purchase price values Smashburger at a $335 million.
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Smashburger is reportedly growing at a 20 percent annual rate and now has 335 corporate and franchised restaurants in 35 states and seven countries, according to the Denver Business Journal.
Some of its recent expansion includes plans to open 25 restaurants in Egypt, 61 new restaurants on the East Coast and 35 locations in the United Kingdom.
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