PHILIPPINE fast-food firm Jollibee Foods will acquire a majority stake in privately held Compose Coffee, a South Korean coffee chain, as part of a deal valuing the target at US$340 million, the company said on Tuesday (Jul 2).
Jollibee’s unit Jollibee Worldwide will acquire 70 per cent of Compose Coffee and its majority-owned Titan Fund will take 5 per cent, the fast-food firm said in a disclosure. The remaining 25 per cent will be held by private-equity firm Elevation, it said.
Compose Coffee has 2,470 stores, all franchised, giving it a debt-free balance sheet, and good cash returns and profitability margins, said Jollibee, which will increase its global store network to 10,000 with the deal. REUTERS
