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Jollibee to invest $12.4M in Tortas Frontera

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Jollibee to invest $12.4M in Tortas Frontera

Philippines-based fast-food chain Jollibee Foods Corp. said Sept. 7 that it will invest $12.4 million in Tortas Frontera LLC, a Mexican restaurant business founded by Chicago chef Rick Bayless.

Under the deal, Jollibee will acquire a 47% stake in Tortas, while Bayless and other shareholders will hold the remaining 53% stake.

The investment and stake in Tortas will provide Jollibee the opportunity to enter the $45 billion Mexican restaurant market in the U.S.

The transaction is subject to closing conditions, which includes continued accuracy of representations and warranties, procurement of required consents and execution or amendment of certain related agreements.