Smashburger had announced Monday its partnership with Philippines giant fast food chain “Jollibee”. Jollibee on the other hand announces its acquisition of smashburger stake by 40% for $99 Million.
Smashburger or Smashburger Master LLC, is a smash hit fast food chain which started in Denver, Colorado in 2007 by Rick Schaden and private equity firm, Consumer Capital Partners. Smashburger offers Certified Angus Beef burgers, chicken sandwiches, salads, sides, and hand-spun shakes.
Smashburger operates 335 restaurants in 35 states and seven countries, an enterprise value of $335 million. Smashburger Chief Executive Scott Crane said that the agreement will help accelerate Smashburger’s international expansion, but that the initial focus is on continuing its domestic growth. Smashburger next year plans to open 80 restaurants, about 10 of them outside the U.S.