Jollibee takes 100% ownership of America’s Smashburger

Bee Good Inc., a wholly-owned subsidiary of Jollibee Foods Corp., has acquired an additional 15 percent stake in SJBF LLC, the parent company of all entities comprising the Smashburger business for $10 million.

The acquisition gave Bee Good a 100 percent ownership stake in Smashburger.

The 15-percent stake was held by Smashburger Master LLC.

“JFC paid Smashburger Master in cash through Bee Good,” the company said in a regulatory filing.

“Jollibee Foods ... will inject more capital into the Smashburger business by converting an $80 million loan held by Bee Good on Smashburger into equity before the end of 2018 to strongly its growth in 2019 and in the years ahead,” it added.

Earlier this year, Jollibee Foods announced a plan to expand its stake in US-based Smashburger Master LLC to majority ownership by acquiring an additional 45 percent for $100 million.

The additional 45 percent will bring JFC’s stake in Smashburger to 85 percent since it acquired a 40-percent stake in the US restaurant chain in 2015. —VDS, GMA News