Chickenjoy, Barbecue Chicken — and now Mang Inasal at Jollibee restaurants?
This scenario is bound to happen as Jollibee Foods Corporation (JFC) recently announced it is buying 70% of the Mang Inasal barbecue fastfood chain for P3 billion.
In a disclosure to the Philippine Stock Exchange (PSE), Jollibee said it would pay P200 million in downpayment to the owner of Mang Inasal Philippines, Injap Investments, led by Edgar Sia III.
Around 90% of the balance will be paid upon closing of the agreement, with the remaining 10% to be paid three years onward after the deal is reached.
The parent company will continue to hold 30% of Mang Inasal.
The P3 billion-acquisition news comes in the heels of a recent announcement from Jollibee that it will terminate its Delifrance franchise unit in 2011 and news that Mang Inasal will go public (Initial Public Offering) also next year.
Mang Inasal History
Mang Inasal found success as a fastfood chain offering barbecue chicken. Started in 2003, the company now has 303 stores in the Philippines, all but 24 of which are franchised outlets.
It has revenues of P2.6 billion and system-wide sales of P3.8 billion a year.
Total Number of Jollibee stores
Meanwhile Jollibee Foods Corporation, as of July 31, 2010, has a total number of 1,582 store branches in the Philippines: Jollibee (702); Chowking (406); Greenwich (221); Red Ribbon (215); Delifrance (23); and Manong Pepe’s (15).
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