JFC completes acquisition of 100% of The Coffee Bean & Tea Leaf

September 24, 2019

Jollibee Foods Corp. (JFC), one of Asia’s largest food service companies, told the Philippine Stock Exchange Tuesday it completed the acquisition of 100 percent of The Coffee Bean & Tea Leaf specialty coffee and tea brand, based in Los Angeles, USA.

The purchase price was worth $350 million.

Jollibee had announced it was in talks to acquire The Coffee Bean and Tea Leaf on June 24.

''The acquisition of The Coffee Bean & Tea Leaf brand will be JFC’s largest and most multinational so far with business presence in 27 countries,'' Jollibee said in its disclosure.

The purchase will add 14 percent to Jollibee's global system wide sales, 26 percent to its total store network, will bring international business’ contribution to 36 percent of worldwide sales, Jollibee said.

''(This) will bring JFC closer to its vision to be one of the top 5 restaurant companies in the world in terms of market capitalization,'' it added.

Coffee Bean and Tea Leaf will be JFC’s second largest business after Jollibee brand while coffee business will account for 14 percent of JFC’s worldwide system sales.

''Our priority is to accelerate the growth of The Coffee Bean and Tea Leaf® brand particularly in Asia, by strengthening its brand development, marketing and franchise support system,'' said Jollibee. DMS