Titan Fund, in which Jollibee Worldwide has a majority stake, will take 5%, while private equity firm Elevation Equity Partners Korea Ltd.is poised to purchase the remaining 25%, according to the company.“This acquisition is aligned with JFC’s commitment to coffee and tea segment and franchising initiatives.” its filing to the Philippine Stock Exchange said, referring to Jollibee Foods Corp.“This strategic, rapid growth, financially lucrative investment serves as JFC’s gateway in unlocking the fast-growing international value coffee market in South Korea which ranks third globally in terms of coffee consumption per capita,” said the company known for fried chicken.
Jollibee Foods Corp., the Philippines’ largest fast-food chain, is set to take over a majority stake in Compose Coffee Co., South Korea’s No.3 coffeeshop operator, in a deal valuing the target at $340 million for global expansions.
The takeover of Compose Coffee with more than 2,600 branches in South Korea is expected to increase Jollibee Foods’ global network to 10,000 stores, more than 65% of which will be outside the Philippines, the company said.
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