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.

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.

Smashburger is smashing its way to Egypt. The critically acclaimed fast-casual, better-burger restaurant with fresh, smashed-to-order burgers, is excited to announce that it has added the Pearll Investment Group as a new franchise partner in Egypt. This is Smashburger’s initial entry into Egypt, with 25 restaurants expected to open over the next several years. The launch of Smashburger in Egypt will expand the brand footprint to nine countries. Smashburger offers a diverse menu featuring quality, fresh, smashed-to-order burgers that are seared and seasoned on the grill to lock-in natural juices. The menu features innovative burger combinations, or guests can create their own burger or chicken sandwich, customizing the bun, sauces, toppings, and cheese. Customers can pair burgers with irresistible sides, like seasoned fries with rosemary, olive oil, and garlic, haystack onions, or fried pickles, or indulge in a wide variety of additional menu items, like fresh salads, premium handspun Häagen-Dazs shakes and craft beer, all at a great value. “We are absolutely thrilled to bring our first Smashburger to Egypt. Mr. Saif Jaffar Alketbi and Mr. Abdel Hameed Mostafa Ahmed will be valuable members of the Smashburger team, especially with their extensive operations experience,” says Scott Crane, CEO of Smashburger. “The Egypt communities are experiencing explosive growth and are perfect targets for our brand. We feel confident the local community will embrace our customized, hand-crafted burgers." Currently owning more than 10 chain-restaurants in the region, Pearll Investment Group brings extensive restaurant management and operations experience to the table and will be funding the growth of the Smashburger operation in Egypt. Smashburger restaurants in Egypt will be led by Abdel Hameed Mostafa Ahmed, who has 10 years of experience in the fast casual industry. Smashburger will be Pearll Investment Group’s latest addition to the better burger landscape in the Egypt. “The fast casual dining market has yet to reach its potential in Egypt and there is a huge opportunity for brands such as Smashburger,” Abdel says. “Due to its focus on quality and taste, we are certain Smashburger will be a success and we look forward to bringing the fresh, smashed to order concept to Egypt and replicating the success of the brand internationally.” Since January this year, Smashburger has added approximately 65 new restaurants and has seen 22 percent new unit growth. Across the United States, Kuwait, Canada, El Salvador, Panama, Costa Rica, Bahrain, and Saudi Arabia, there are currently more than 330 total units. Smashburger is actively seeking partners to spread the global appetite for America’s favorite food internationally in Europe, Asia, South America, and beyond.