Jollibee Foods Corporation (JFC) will enter into a Mexican restaurant business in the United States.
On Friday, the multinational fast food restaurant announced that they have invested $12.4 million in partnership with Tortas Frontera – a well-known Mexican restaurant founded by the award-winning Chef Rick Bayless. As the home-grown fast-food giant expands its global presence, it is just about time to step up their game.
The partnership with Chef Bayless will be formalized through JFC’s $12.4 million investment in exchange for a 47% stake in Chicago-based Tortas Frontera. The remaining 53% interest will be held by Chef Bayless and other shareholders.
According to Chairman Tony Tan Caktiong in a press statement, Jollibee Foods Corporation is very excited with the new partnership with Tortas Frontera and greatly admires Chef Bayless for being their top chef. Together with the organization and brand Tortas Frontera, they will build a significant business in the large and fast-growing Mexican food category in the United States.
The partnership with Chef Bayless came after the Philippine company completed its acquisition of an additional 45% share in US Hamburger chain Smashburger Master LLC. JFC has 4,279 stores worldwide as of June 30, 2018, with a market capitalization of more than P299 billion.