MANILA – Jollibee Foods Corp., the country’s largest fast food company, on Tuesday announced that they are looking for a fast-food firm in the United States worth $1 billion to acquire in order to increase their revenues.
This was confirmed by JFC Chairman Tony Tan-Caktiong during an interview saying that a brand worth $1-billion will be right for their expansion plans in the US market.
“It should be a strong regional brand so that we can expand. We don’t want a brand that’s already big,” said Tan Caktiong
He added that they are looking at an equity partner or into a fund.
Currently, Jollibee has 2,200 stores in the Philippines and 1,000 stores across the world.
“We’d like to target 50-50 revenue sharing between Philippine stores and overseas stores. But we cannot do that yet because the Philippine (business) keeps growing so the ratio was kept at 80-20,” he explained.
Jollibee partnered up with Dunkin’ Brands Group Inc. to open 1,4000 new Dunkin’ Donuts cafes in China for the next 20 years.
According to Janney Capital Markets securities analyst Mark Kalinowski, there are six candidates that fit Jollibee’s target with Jack in the Box and Krispy Kreme leading the lsit.
However, he said that there is a possibility that private chains such as CKE Restaurants Inc., which handles Carl’s Jr. and Hardee’s brands, might be considered.