Jollibee Foods Corp. (JFC), Philippines, acquired the remaining 15% of Smashburger, Denver, Colo., from Black Shamrock Partners, formerly known as Consumer Concept Group & Affiliates, Denver.
In 2015, Smashburger entered into a strategic partnership with JBC to sell 40% of the company at a $335 million value. In February, JBC announced plans to acquire an additional 45% of the company for $100 million, bringing its ownership stake to 85% total at that time.
“We could not be more pleased with the partnership we have developed with Jollibee, and are thrilled to complete this transaction with a global restaurant powerhouse,” says Rick Schaden, co-founder and chairman of Black Shamrock Partners. “We have no doubt that with their leadership, the brand will continue to succeed and grow for years to come.”