Jollibee Foods acquires majority stake in South Korea’s Compose Coffee for $340M
It will hold approximately 70% of the shareholding in Compose Coffee.
Philippines' Jollibee Foods Corporation (JFC) has finalised agreements to acquire a 70% stake in South Korea's Compose Coffee Co., Ltd. and JMCF Co., Ltd.
The acquisition is valued at approximately $340m (KRW470b).
Under the agreement, JFC's subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL), will hold approximately 70% of the shareholding in Compose Coffee, whilst Titan Dining Partners II Ltd. and Elevation Equity Partners Korea Limited will retain 5% and 25%, respectively.
“This acquisition is aligned with JFC’s commitment to coffee and tea segment and franchising initiatives,” the group said in its filing.
“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 3rd globally in terms of coffee consumption per capita,” it added.
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