Bilyonaryo - Business

‘McDonald’s of Korea’: Tan Caktiong wants to eat up Mom’s Touch resto which is for sale at $764M or twice what it paid for CBTL

July 13, 2022

Bilyonaryo.com

Ultra bilyonaryo Tony Tan Caktiong is reportedly hungry to acquire South Korea’s biggest fast-food chain even though it has yet to stop the bleeding of its two major takeover targets – Smashburger and Coffee Bean and Tea Leaf (CBTL).

According to Bloomberg, Seoul Economic Daily reported that Tan Caktiong’s Jollibee Foods Corp. (JFC) could be one of the bidders for South Korean fast-food restaurant chain operator Mom’s Touch & Co.

Mom’s Touch owner, KL & Partners, has offered to sell at least 79 percent stake and management control for $764 million, or five times what it paid for the popular fried chicken and burger chain in December 2019.

The asking price is more than double the $350 million JFC paid for CBTL in 2019. JFC also forked out $215 million to buy 100 percent of Denver-based Smashburger in staggered purchases from 2015 to 2018. Jollibee has yet to make a profit from these high-profile acquisitions.

Mom’s Touch, dubbed the “McDonald’s of Korea”, has 1,352 stores in South Korea and 13 stores in Taiwan, Singapore and the United States. Under its new owner, Mom’s Touch saw its profits rise by 36 percent in 2020 and 50 percent in 2021.

Despite massive losses it suffered during the pandemic, Jollibee is committed to achieving Tan Caktiong’s ambition to make his baby one of the world’s top five restaurant operators.

In 2021, JFC president and CEO Ernesto Tanmantiong said with the fast food giant on “stable financial footing” after spending P7 billion for “business transformation”, the company was ready to make acquisitions as big as CBTL.

He said JFC has P57.5 billion in its arsenal to feed its appetite for big time acquisitions.

Related News Tags: CBTL. McDonalds, Korea, Smashburger, Smashburger and Coffee Bean and Tea Leaf, Tony Tan Caktiongm South Korea

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