Jollibee buys out US-based coffee chain Coffee Bean & Tea Leaf
Jollibee Foods Corporation (JFC), one of Asia’s largest food service companies, is buying 100 percent of the international coffee chain Coffee Bean & Tea Leaf specialty coffee and tea brand (CBTL).
In a disclosure to the Philippine Stock Exchange, JFC said it is acquiring CBTL for US$350 million in cash. The acquisition will be done on a debt-free basis, which means that the acquired business will have no debt upon acquisition.
“The acquisition of The Coffee Bean & Tea Leaf brand will be JFC’s largest and most multinational so far with business presence in 27 countries,” said JFC Chairman Tony Tan Caktiong.
CBTL will be JFC’s second largest business after Jollibee brand while coffee business will account for 14 percent of JFC’s worldwide system sales.
“Our priority is to accelerate the growth of The Coffee Bean and Tea Leaf brand particularly in Asia, by strengthening its brand development, marketing, and franchise support system,” Tan Caktiong said.
Founded in 1963, CBTL is owned by International Coffee & Tea, LLC based in Los Angeles, California.
As of end of 2018, the company has 1,189 outlets (company owned 336, franchised 853), of which 284 are in the US, 447 in Southeast Asia (Philippines 139, Indonesia 101, Malaysia 99, Singapore 61), 336 in other Asian countries (South Korea 292), and 122 in other regions (Kuwait 36, Qatar 28, India 27).