Jollibee teams with Top Chef Master Rick Bayless for Mexican food business in US

Homegrown fast-food giant Jollibee Foods Corp. (JFC) said Friday it has closed the transaction with Chicago-based Tortas Fontera to build a Mexican fast-casual restaurant business in the United States.

In a regulatory filing submitted by JFC vice president Valeri Amente, the company said it has closed the  business venture transaction with award-winning Chef Rick Bayless, founder of Tortas Fontera, on December 21, 2018.

The partnership was formalized through an investment by Jollibee of $12.4 million in Tortas Frontera LLC in consideration for 47 percent of the fully-diluted membership interests therein.

"The remaining 53 percent membership interests in Tortas Frontera shall be held by Chef Rick Bayless and other shareholders," it added.

The company said the price was negotiated and mutually agreed upon by both parties.

"JFC will fund the total consideration through available cash," it said.

The company said the partnership with Tortas Fontera is in line with the JFC group’s strategy to continue building its business abroad and expanding its presence in North America.

"Together with the organization built by Chef Rick Bayless and the brand Tortas Frontera, JFC will build a significant business in the large and fast-growing Mexican food category in the United States. This venture is very much in line with JFC’s mission: to serve great tasting food and spread the joy of eating to everyone!" it said.

Bayless is a popular advocate of Mexican cuisine in the US, hosting the program Mexico: One Dish At A Time on PBS. He was the winner of the first season of Top Chef Masters.

JFC noted Mexican food is a rapidly-growing and very popular segment in the United States restaurant industry with estimated sales of $40 billion to $45 billion in 2017.

Tortas Frontera, with headquarters in Chicago, Illinois, currently has four restaurants in the United States – three in Chicago O’Hare International Airport and one at The Arc in the University of Pennsylvania.

"It offers mainly tortas (griddle-baked Mexican sandwiches with a variety of fillings such as beer-braised beef short ribs, chipotle chicken, garlicky shrimp and goat cheese) and molletes (warm, open-faced sandwiches). They also feature a guacamole bar with freshly made guacamole and the customer’s choice of toppings," JFC said. —Ted Cordero/JST, GMA News