Smashburger Sells 40% Stake To Jollibee Foods

Denver-based fast casual restaurant Smashburger has agreed to sell 40% of the company to Philippines-based Jollibee Foods Corp. , according to a statement. The deal values Smashburger at $335 million. Jollibee operates a global network of 3,000 restaurants including Jollibee, Red Ribbon, Chowking and Burger King Philippines. It is the largest restaurant chain in Asia, according to a release. Smashburger launched in 2007 and has more than 335 corporate and franchised restaurants in 35 states and seven countries. About 60% of its restaurants are company owned and operated.