Black Shamrock Partners Completes Sale of Smashburger to Jollibee Foods Corporation
Black Shamrock Partners (BSP), formerly Consumer Concept Group & Affiliates, today announced that Jollibee Foods Corporation, Asia's largest food service company, has acquired the remaining 15 percent of Smashburger, the Denver-based “better burger” concept, bringing Jollibee full ownership of the brand.
In 2015, Smashburger entered into a strategic partnership with Jollibee Foods Corporation to sell 40 percent of the Company at a $335M USD value. In February of this year, Jollibee agreed to acquire an additional 45 percent of the company for $100M USD, bringing their ownership stake to 85 percent total at that time.
Rick Schaden, BSP Co-Founder and Chairman, stated, “We could not be more pleased with the partnership we have developed with Jollibee and are thrilled to complete this transaction with a global restaurant powerhouse. We have no doubt that with their leadership, the brand will continue to succeed and grow for years to come.”
BSP has extensive experience in creating and growing successful brands, having founded the Smashburger concept in 2007. Leveraging its leadership in the Experience Based Lifestyle Economy, BSP is also the owner of Tom's Urban, a fast growing eater-tainment concept, and Motiv, an experiential company with a portfolio of brands within the sports and entertainment sector, including running and endurance events, triathlons and festivals.