Jollibee will initially invest US$100 million in a Singapore holding company set up with its Vietnamese partners in the Superfoods Group to acquire the speciality coffee and tea brand.
MANILA: Jollibee Foods Corp will spend US$350 million to purchase Coffee Bean & Tea Leaf, its largest acquisition. The Philippines’ biggest restaurant operator will initially invest US$100 million in a Singapore holding company set up with its Vietnamese partners in the Superfoods Group to acquire the speciality coffee and tea brand, Jollibee said in a disclosure to the stock exchange.
Los Angeles-based Coffee Bean will add 14% to Jollibee’s global sales and expand its store network by more than a quarter, Chairman Tony Tan Caktiong said in a statement.Subscribe to our newsletter and get news delivered to your mailbox.
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