Denver-based Smashburger has a new majority owner after its announcement today. According to a recent Fast Casual article, Jollibee Foods Corporation acquired an additional 45 percent of the brand, bringing its ownership stake up to 85 percent, in a $100 million deal.
"Our momentum in 2017 around improved guest experience, iconic and record-setting product launches, and innovative marketing provide JFC a tremendously strong brand to enter the North American market. Our entire team couldn't be more excited to grow the Smashburger brand and share the great tastes of Smashburger with the world," said Tom Ryan, co-founder and CEO of Smashburger.
Currently, the brand operates 360 corporate and franchise restaurants in 35 states and nine different countries, and this partnership will continue to focus on strategic growth in new and existing markets. In 2017, the brand launched a subscription model consumer frequency program called Smash Pass–a new idea for the fast casual scene–and sold close to two million of its Triple Double Burgers.