Jollibee Becomes Whole Owner of Smashburger
Quick service restaurant chain Jollibee Foods Corporation has taken complete control over Denver-based franchisor Smashburger, according to Smashburger's former holding company, Black Shamrock Partners.
The better burger franchising firm was established in 2007. In 2015 it sold 40 percent of its ownership to Philippines-based Jollibee Foods Corporation for $335 million. In February of this year Jollibee acquired an additional 45 percent ownership for $100 million. Jollibee now has acquired the remaining 15 percent of Smashburger’s shares, becoming its sole owner.
The Smashburger firm had 147 franchises and 186 company-owned restaurants, according to its 2017 franchise disclosure document.
Jollibee has assertively pursued a larger market presence in the Philippines, China and the United States. This year it invested $12.4 million in a small fast casual concept, Tortas Frontera, which has a store in O’Hare airport and the University of Pennsylvania.
Rick Schaden, co-founder and chairman of Black Shamrock as well as Smashburger’s former chairman, stated: “We could not be more pleased with the partnership we have developed with Jollibee and are thrilled to complete this transaction with a global restaurant powerhouse. We have no doubt that with their leadership, the brand will continue to succeed and grow for years to come.”
In August private equity firm Consumer Concept Group & Affiliates rebranded as Black Shamrock Partners. Rick Schaden was a former chairman, CEO and the franchising founder of Smashburger, Quiznos, Consumer Capital Partners, Consumer Concept and now Black Shamrock Partners. Brook Schaden, Smashburger CEO Tom Ryan and Rick Schaden are counted among Black Shamrock’s leaders.