Jollibee buys Coffee Bean for US$350 million

Jollibee will initially invest US$100 million in a Singapore holding company set up with its Vietnamese partners in the Superfoods Group to acquire the speciality coffee and tea brand. (AFP pic)

MANILA: Jollibee Foods Corp will spend US$350 million to purchase Coffee Bean & Tea Leaf, its largest acquisition.

The Philippines’ biggest restaurant operator will initially invest US$100 million in a Singapore holding company set up with its Vietnamese partners in the Superfoods Group to acquire the speciality coffee and tea brand, Jollibee said in a disclosure to the stock exchange.

Los Angeles-based Coffee Bean will add 14% to Jollibee’s global sales and expand its store network by more than a quarter, Chairman Tony Tan Caktiong said in a statement.

In 2018, the coffee chain reported US$23.7 million in EBITDA on revenue of US$313 million.