Fast food chain buys U.S. coffee chain . . .
The Philippines’ fast food mega-chain, Jollibee, recently announced that it will be acquiring California-based coffee chain The Coffee Bean & Tea Leaf, which currently serves brewed coffee and tea specialty drinks at some 1,200 different stores in 25 countries. Jollibee is set to drop an estimated US$350 million to acquire the U.S. company.
Expanding the brand in Asia . . .
Jollibee’s Chair, Tony Tan Caktiong, announced that his company is focused on expanding The Coffee Bean’s brand in Asia – Indonesia in particular – with the goal of becoming a significant player in the consumer coffee market. The Coffee Bean acquisition will add 14% to Jollibee’s global sales and will widen its network of brick and mortar shops by more than a quarter.
Will Canadians enjoy new coffee with Chicken Joy?
With five Canadian locations spread across Manitoba, Alberta, and Ontario, Jollibee is set to continue its expansion across Canada. Just last summer, the company announced the “realistic” opening of 100 locations across the country over the next five years. It remains to be seen if Jollibee plans to serve its new line of Californian caffeinated products alongside its signature Jolly Spaghetti and Chicken Joy fried chicken in Canada.
- Business Inquirer: Jollibee acquires US firm Coffee Bean & Tea Leaf for $350M
- CNN Business: Jollibee buys Coffee Bean & Tea Leaf
- Global News: Filipino fast-food giant Jollibee to open 1st Edmonton location