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Philippines’ Jollibee Buying Coffee Bean & Tea Leaf In Overseas Expansion

From: reuters.com

MANILA (Reuters) – Jollibee Foods Corp (JFC.PS), Philippines’ largest food service network operator, is buying U.S. brand Coffee Bean & Tea Leaf (CBTL) for $100 million as part of an expansion outside its home market.

Jollibee, which has a market value of nearly $5.5 billion, is buying loss-making CBTL from private equity firm Advent International and other investors including the Sassoon family, a large shareholder in CBTL.

Los Angeles-based CBTL has 1,189 outlets spread across the United States, Southeast Asia and the Middle East, and is rapidly growing in Asia. Nearly three-fourths of its outlets are franchised.

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