In line with its continued expansion and diversification, Jollibee Foods Corp. (JFC) has acquired a California-based Japanese fast food store which is expected to strengthen the company’s foothold in the food business here and abroad.
In a disclosure to the Philippine Stock Exchange, JFC said it has formed a new company, Tokyo Teriyaki Corp. (TTC), together with its wholly-owned subsidiary Superior FSC Corp. to purchase 90 percent of Tokyo Teriyaki House.
Tokyo Teriyaki House is a small, family-owned Japanese fast food outlet that operates in Vallejo, California. According to a company source, JFC majority owner Tony Tan Caktiong chanced upon the store during one of his visits to California, where a number of Jollibee and Chowking outlets stand, and was impressed by the fast food’s menu and customer traffic.
"Tokyo Teriyaki House was bought for less than what it takes to put up a single Jollibee store, which is around P19 million. But I think it’s the company’s potential to grow and expand that convinced the JFC owners to acquired it," the source said.
With the acquisition, JFC will focus its initial activities on the establishment of operating procedures and standards in preparation for the store’s eventual expansion.
The addition of a Japanese outlet will make the Jollibee group a more diverse food chain. Aside from the flagship hamburger chain, the JFC group also includes pizza and pasta chain Greenwich, Oriental fast food Chowking, and the French-styled pastry bakeshop and cafe Delifrance.
In the same disclosure, JFC also disclosed the approval by the Securities and Exchange Commission of the merger by its wholly owned subsidiary Bakers Fresh Foods Inc. and Delifrance Philippines Inc., its joint venture with the Singapore-based Delifrance Asia Pte. Ltd., with the former as the surviving entity.