Pasay City, Philippines (PressExposure) May 25, 2009 -- Jollibee Food Corporation (JFC) is one of the biggest known corporation in the Philippines, next to Ayala Corporation. The success of JFC on the food service industry was primarily fueled by their successive acquisition of other fast-food restaurants in and out of the Philippines. One of its first fast-food restaurant acquisition was Greenwich Pizza.
Greenwich started as an over-the-counter pizza store in the Greenhills Commercial Center in Metro Manila in 1971. It was in 1994 when JFC obtained a deal acquiring 80% of Greenwich shareholding. According to jollibee web site [http://www.expressregalo.com/category.aspx?scid=72&cid=14], it was in 2006 that JFC bought out the remaining shares of its partners in Greenwich Pizza Corp., equivalent to a 20% stake, for P384 million in cash. The new company was called Greenwich Pizza Corporation, and the franchise experienced rapid expansion. Greenwich Pizza is now considered as the largest pizza and pasta chain in the Philippines.
But before JFC fully acquired Greenwich Pizza in 2006, JFC laid its eyes on another fast food restaurant which is Chowking. Chowking is a Philippine-based chain that pioneered the Asian quick-service restaurant concept in the Philippines. In 1989, Chowking started expanding its market share amid the volatility in the domestic market. According to their jollibee web site [http://www.expressregalo.com/category.aspx?scid=72&cid=14], Chowking became a wholly owned subsidiary of JFC in January 1 2000, allowing Jollibee to be part of the Asian quick service restaurant segment.
Other than fast-food, JFC also acquired two kinds of bakery, one specializes in unique cakes and pastries and the other specializes in French-based pastries. These are Red Ribbon Bakeshop and DÃ©lifrance. In 2005, they acquired Red Ribbon Bakeshop, a popular bakeshop in the Philippines that rivals another successful bakeshop, Goldilocks. In 2006, the company acquired the franchise of DÃ©lifrance. This further expanded its penetration in the food service industry, particularly in the French cafe-bakery, a growing segment of the Philippine food market.
Other acquisition of JFC includes the Chinese fast-food chain Hong Zhuang Yuan in 2007. It has been cited in their jollibee web site [http://www.expressregalo.com/category.aspx?scid=72&cid=14] that Jollibee purchased 70% of Taipei restaurant Lao Dong in June and Chun Shui Tang tea house in 2006. In 2004, Jollibee acquired Chinese fast food chain Yonghe King for $22.5 million. JFC also entered into a joint-venture contract with US-based Chow Fun Holdings LLC, the developer and owner of Jinja Bar Bistro in New Mexico, in which Jollibee will have a 12% stake for $950,000.