Jollibee Foods Corporation has taken full ownership of US fast-food chain Smashburger after acquiring an 85% stake in February for US$100 million. The company has also paid the other 15% remaining to acquire the full ownership.
Tom, Ryan, Smashburger founder and CEO, will take part as chief product development advisor at Jollibee Foods Corporation globally.
Mr. Jose "Pepot" Minana has assumed the role of Amashburger president, including daily operations, collaborating on strategy and brand direction, insideretail reported.
Smashburger has 351 stores and accounts for 7% of Jollibee's global sales which totalled $3.4 billion last year.
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