On 17 November 2010 (Wednesday), Jollibee Foods Corporation (JFC) sealed the acquisition of the 70 percent of Mang Inasal Philippines (MIP), a fast-growing grilled chicken restaurant chain for a price of P3 billion. It is the fastest growing network in the Philippine food business industry in the last three years. It is famous for very good tasting Filipino grilled chicken, and has a focused branding.
JFC paid Injap Investments Incorporated, the MIP owner, P1.55 billion at the closing, and another 1.15 billion on November 22 when the purchased will be completed. Ten percent of the purchase price (around P300 million) will be withheld and paid off in three years to cover indemnification, if so becomes necessary, for any errors in seller presentations and warranties.
III will keep the 30 percent. Its current chairmain, Edgar Sia II, founded MIP.
The acquisition will grow JFC's current network of 1,953 stores worldwide as of September end, 1,578 of which are located in the Philippines. JFC has a flagship brand of 703 Jollibee stores. MIP has 312 stores, 284 of which are franchised stores.
Sources
Doris Dumlao: "Jollibee seals P3-B Mang Inasal Deal," Philippine Daily Inquirer 17 November 2010
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