- Jollibee plans to invest in order to acquire Coffee Bean and Tea Leaf
- The investment would cost $100 million or 5.13 billion
- Jollibee Worldwide Pte Ltd. Would initially finance the entire acquisition
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The Jollibee Foods Corporation (JFC) eyes to invest $100 million or P5.13 billion to acquire California-based Coffee Bean and Tea Leaf.
KAMI learned that the Java Ventures LLC, a fully-owned subsidiary of Jollibee Worldwide, is set to be the acquiring entity.
“The acquisition of The Coffee Bean and Tea Leaf will be JFC’s largest and most multinational so far with business presence in 27 countries,” Tony Tan Caktiong said.
As reported by the Inquirer (author Doris Dumlao-Abadilla), the total acquisition would reach $350 million on a debt-free basis.
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Singapore-based subsidiary Jollibee Worldwide Pte Ltd. would initially finance the acquisition through a bridge loan.
Last year, Jollibee got the 47-percent stake in Mexican chain Tortas Frontera. In 2018, Jollibee invested P1.74 billion to acquire the master franchise holder of Tim Ho Wan.
The Jollibee Foods Corp also acquired Chowking, Mang Inasal, Greenwich, and Red Ribbon.
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