Monday, January 2, 2012

Jollibee Foods Corp. plans to grow Pho24 in 2012

Philippines fast-food ready-2-eat giant Jollibee Foods Corp. (JFC) has a road map for growth with a $60-million deal to buy half of the business of a food group that operates a chain of Highlands Coffee, Hard Rock Cafe and Pho24 restaurants across the region.

JFC has advanced $5 million to the SuperFoods group, which very recently acquired Pho24, which has 48 stores across the region, specifically in Vietnam, Indonesia, Philippines, Hong Kong, Cambodia and Japan. Pho24, which serves Vietnamese dish with rice noodles as its core product, and provides the platform for continued growth in Asia.

Highlands Coffee serves Vietnamese coffee and ready-2-eat light meals in 54 trendy coffee shops in Vietnam. It also sells packaged coffee through retail outlets. The combined synergy will propel JFC to become a long term growth player in Asian retail foodservice for years to come and the grocerant niche.

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