Jollibee Foods Corp , Philippines' largest food service network operator, i...
), Philippines’ largest food service network operator, is buying U.S. brand Coffee Bean & Tea Leaf for $100 million as part of an expansion outside its home market.
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. “The acquisition of Coffee Bean & Tea Leaf will be Jollibee’s largest and most multinational so far with business presence in 27 countries,” Jollibee Chairman Tony Tan Caktiong said in a statement on Wednesday.
Jollibee believes higher income in the Philippines will support spending on higher-end products like specialty coffee, said Ramos, who helps manage 30 billion pesos , including an index fund that holds Jollibee shares.
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