Jollibee buys 54% of Burger King

One of the Philippine fastfood giant -  Jollibee Foods Corp. has settled to get a major venture in the firm that operates the American chain Burger King.

“JFC’s acquisition of the majority interest in BK Titans Inc. will enable it to have presence in the premium price segment of the hamburger category in the Philippine fast-food market," Jollibee said in a disclosure with the Philippine Stock Exchange. “Jollibee Foods Corp expects the premium price segment of the fast-food market to grow appreciably in the years ahead as the Filipino consumer’s standard of living rises from the growing economy," it added. 

In a disclosure to the Philippine Stock Exchange last Friday September 30,2011, Jollibee stated that it has signed an agreement purchasing 54-percent stake in BK Titans Inc., which owns PERF Restaurants that, which is the sole franchisee of the Burger King brand in the Philippines. The deal was priced at 65.5 million pesos (US$1.49 million).

Founded in 1954, It is the second-biggest fastfood hamburger chain in the world operating more than 12,300 locations and serving 11 million guests daily in 78 countries.  the Miami-Florida-based restaurants are owned and operated by independent franchisees and in asia it is managed by Singapore-based BK Asiapac Pte. Ltd.

In Philippines, Burger King has 23 outlets and generates an annual revenues of P800 million.

With the entry of JFC into BK Titans, the fast-food giant will still have as minority partners the groups of businessmen Manuel V. Pangilinan (13 percent) and Alberto Lina (33 per cent).

The JFC Group of Companies operates the Philippines largest fast food network, with 1,941 stores in the country as of Aug. 31 under the brands Jollibee (733), Chowking (395), Greenwich (209), Caffe Ti Amo (2) and Mang Inasal (393) and it has 437 stores overseas under the brands Yonghe King (235), Hong Zhuang Yuan (52), Jollibee (71), Red Ribbon (39) and Chowking (40).