When it comes to fast-food restaurants in the Philippines, Jollibee has become an icon for the majority of Filipinos in and out of the country. Awarded the “Best at Consumer Goods” in Asias Best Managed Companies 2005 poll survey by Euromoney Magazine, Jollibee Food Corporation has been recognized as one of the 200 “Best Under a Billion” companies in Asia by Forbes Asia Magazine.
In a recent report made in 2008, Jollibee Food Corporation became the biggest known fast-food restaurant in the world. With an over of 1,490 local chains and 228 foreign stores, JFC now competes with other successful fast-food restaurants such as McDonalds and Burger King.
Part of what made Jollibee Food Corporation successful other than its own brand are its acquisitions. JFC has been known for its expansions through other brands of fast-food chains in the Philippines and in other countries. One of its first expansions was Greenwich Pizza.
Jollibee Food Corporation acquired 80 percent of Greenwich Pizza in 1994, enabling it to penetrate the pizza-pasta segment. From a 50-branch operation, Greenwich has established a strong presence in the food service industry.
In early 2006, Jollibee Foods Corp. bought out the remaining shares of its partners in Greenwich Pizza Corp., equivalent to a 20% stake, for P384 million in cash.
In 2000, the company acquired Chowking, allowing Jollibee to be part of the Oriental quick service restaurant segment. In 2005, JFC penetrated the pastries and cake industry by acquiring Red Ribbon Bakeshop.
Other acquisitions made by Jollibee Food Corporation are Dlifrance (a bakery company that serves “French style” bakery products), and Manong Pepe’s (a fast-food restaurant that serves popular Filipino delicacies).
In August 26, 2008, Jollibee Food Corporation formally signed the P 2.5 billion ($ 55.5 million) deal with Beijing-based Hong Zhuang Yuan through its wholly owned subsidiary Jollibee Worldwide Pte. Ltd.
Aside from Hong Zhuang Yuan, 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.
By the end of 2010, Jollibee Food Corporation aims to become a Global Brand by opening 4,000 chains all over the world, serving both the Filipino people that grown to love Jollibee, and foreigners that’ll soon belong to Jollibee’s growing family.