MANILA - Fast-food chain Jollibee Foods Corp. said on Monday it was looking to acquire one or two more foreign-owned food suppliers in deals that would be of the same size or larger than a recent $99 million purchase of 40 percent of U.S.-based chain Smashburger.
The company, which outsells McDonalds Corp. and Yum Brands Inc.'s KFC restaurants in the Southeast Asian nation, is hoping acquisitions, including possibly of start-ups, will help it reach its target of becoming one of the top five in market value among global food suppliers.
"Maybe we need one or two more acquisitions," Tony Tan Caktiong, Jollibee chairman, told reporters.
"It will have to be similar size or bigger ones that will really help on the financial side," he added.
Jollibee Foods Corp. currently owns and operates 87 restaurants in the US, 32 of which are Jollibee units, 33 Red Ribbon stores, 19 Chowking stores, and 3 Jinja outlets.
In the Philippines, it is the largest food service network with a total of 2,834 outlets as of August 31, 2015.