MANILA - Jollibee Foods Corp on Friday said it has taken full ownership of US-chain Smashburger, raising its stake from 85 to 100 percent. In a disclosure to the stock exchange, JFC said its subsidiary Bee Good! Inc has acquired Smashburger Master LLC's 15 percent stake for $10 million. "JFC is now the sole owner of the Smashburger business," the restaurant operator said. "We look forward to the development of Smashburger into a very strong brand and business in the United States," JFC Chairman Tony Tan Caktiong said in a statement. Current Country Head for North America Jose Minana will assume additional responsibility as President of Smashburger, JFC said. Smashburger has 351 stores, mostly in the United States. Jollibee, meanwhile, operates a total of 3,079 restaurant outlets in the Philippines.

SmashBurger launched in Denver Colorado in 2007 by Thomas Ryan. Consumer Capital Partners financially backed the company in its early days and now owns shares in the company. The company has announced plans for an Initial Public Offering (IPO) in May of 2013 but dismissed them due to low valuation. In October of 2015, SmashBurger sold a 40% stake to Jollibee Foods Corporation for USD 100 million. Jollibee is the largest fast food company in the Philippines. The brand was having trouble finding a CEO after Michael Nolan resigned in December of 2016 after 8 months in the position. Nolan’s successor, Scott Crane, also resigned after three years in the job. Thomas Ryan is back in top and is filling the CEO position.

Smashburger is expanding its presence in the Middle East. The rapidly expanding better-burger restaurant announced a new partnership with Pearll Investments LLC to grow the brand in Qatar and United Arab Emirates, including Dubai and Doha, with 26 restaurants planned to open over the next several years. Twenty-two of the 26 units will open in United Arab Emirates and the remaining four restaurants will open in Qatar. The new agreement continues the rapid global expansion for the brand. UAE and Qatar operations will join Smashburger operations underway in Bahrain, Saudi Arabia, and Kuwait, as well as new restaurants in the United Kingdom and Egypt coming later this year. "Smashburger's international expansion has really taken off and we're excited to be adding United Arab Emirates and Qatar to our portfolio of international countries," says Scott Crane, president and CEO of Smashburger. "Our new franchise partners are experienced restaurant operators, and we're confident they will help us grow the brand throughout this part of the region. Dubai in particular is an attractive destination for people all across the world, and we're looking forward to bringing our made-to-order, hand-crafted burgers to a community that is experiencing growth and high traffic visibility year around." Pearll Investments LLC, and its sister company Leemaar Investment, are owned by Mr. Saif who owns and operates a multitude of restaurant companies in the Middle East and across the globe. The group has substantial experience in running successful brands across the globe, including restaurants located in the United States. The group was looking to grow its restaurant portfolio by partnering with a fast-casual partner and chose Smashburger for its menu diversity and upscale guest experience. "Despite there being an ample number of fast-casual restaurants in this region, the industry has yet to reach its potential in United Arab Emirates and Qatar and we feel there is a huge opportunity for brands such as Smashburger," says Abdel Hameed, chairman of Pearll Investments. "Due to its focus on quality, taste, and wholesome ingredients, we are certain Smashburger will be a success and we look forward to bringing the fresh, smashed-to-order concept to the Arabic community and replicating the success of the brand internationally." Smashburger has plans to open an additional 60–80 restaurants in 2016 including expansion across the globe and into new markets in the United States. The brand currently operates over 355 restaurants across the United States, Kuwait, Canada, El Salvador, Panama, Costa Rica, Bahrain, and Saudi Arabia. Smashburger is actively seeking partners to spread the global appetite for America's favorite food internationally in Europe, Asia, South America, and beyond. Smashburger is also seeking additional partners to help grow the presence in new markets in the United States.

Last year, Denver-based Smashburger was on a growth tear, spreading all over the eastern U.S. and elsewhere in the country, then to the United Kingdom, and into Egypt. And if the Denver-based chain's most recent bite of news is any indication, the company has no intention of slowing down anytime soon. Smashburger will open 26 restaurants in Qatar and the United Arab Emirates, including Dubai in the UAE and Qatar's capital Doha, by working with Pearll Investments LLC, a firm that operates in the Middle East. "Our new franchise partners are experienced restaurant operators and we're confident they will help us grow the brand throughout this part of the region," said Scott Crane, president and CEO of Smashburger. "Dubai in particular is an attractive destination for people all across the world," Crane said, "and we're looking forward to bringing our made-to-order, hand-crafted burgers to a community that is experiencing growth and high traffic visibility year around." Abdel Hameed, chairman of Pearll Investments, said the firm is looking to grow its restaurant portfolio in the fast-casual business. "Despite there being an ample number of fast casual restaurants in this region, the industry has yet to reach its potential in United Arab Emirates and Qatar and we feel there is a huge opportunity for brands such as Smashburger," Hameed said. Four of the planned 26 restaurants will open in Qatar, while 22 will open in the United Arab Emirates. Smashburger currently operates more than 355 restaurants in the U.S., Kuwait, Canada, El Salvador, Panama, Costa Rica, Bahrain, the U.K., Egypt and Saudi Arabia, with plans to open 60 to 80 more in the world in 2016.

SmashBurger launched in Denver Colorado in 2007. The company has announced plans for an Initial Public Offering (IPO) in May of 2013 but dismissed them due to low valuation. In October of 2015, SmashBurger sold a 40% stake to Jollibee Foods Corporation for USD 100 million. Jollibee is the largest fast food company in the Philippines.

Smashburger Master LLC, one of the upmarket chains shaking up the burger business, said it agreed to sell a 40% stake to Jollibee Foods Corp. of the Philippines for $100 million. The deal values Smashburger, which has 335 restaurants in 35 states and 7 countries, at $335 million, the companies said Monday. Jollibee is the largest restaurant company in the Philippines, operating more than 3,000 restaurants, including Burger King Philippines. Jollibee said it has been seeking an investment in a U.S. growth brand. 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. The deal values Smashburger at far less than the $1.5 billion market capitalization of rival Shake Shack Inc. SHAK, +1.57% which went public in January to much fanfare. Shares of Shake Shack rose sharply through May, but have since fallen by more than half, including a 12% drop last week after the company converted some of its Class B shares into Class A shares to allow pre-IPO investors to cash out.