JFC says 'not been in any discussion' for acquisitions in recent months

ABS-CBN News

Posted at Jul 14 2022 11:22 AM | Updated as of Jul 14 2022 11:24 AM

Fastfood giant Jollibee store at the Bonifacio Global City (BGC) in Taguig. July 4, 2017. Jonathan Cellona, ABS-CBN News/File
Fastfood giant Jollibee store at the Bonifacio Global City (BGC) in Taguig. July 4, 2017. Jonathan Cellona, ABS-CBN News/File

MANILA - Jollibee Foods Corp on Thursday said it has not been in discussion recently for any company acquisitions but it remains open to opportunities.

This was after The Seoul Economic Daily reported that the Jollibee Group is a "potential buyer" of hamburger franchise Mom's Touch along with the US' largest F&B group YUM Brands and the Golden Gate Group.

"The acquisition of a new business has always been part of Jollibee Foods Corp's growth strategy. We remain open to opportunities, but are very selective and stringent with acquisitions," JFC said. 

"With respect to recent months, JFC has not been in any discussions with or given a bid for acquisition to any company either formal or informal," it added. 

The Jollibee Group earlier acquired the Coffee Bean and Tea Leaf brand for $350 million. It also earlier purchased Smashburger.

The Philippines' largest restaurant operator also completed the buyout of Titan Dining LP or the private equity fund that owns the Tim Ho Wan brand as well as the acquisition of majority stake in Taiwan's Milkshop International. 

The Jollibee Group has other significant partnerships as well as wholly owned brands including Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King and Hong Zhuang Yuan, and franchised brands including Burger King, Panda Express, PHO24, Dunkin' and Yoshinoya in the Philippines.

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