Jolibee Acquisition on CBTL

Filipino fast food giant Jollibee, bought The Coffee Bean & Tea Leaf® for $350M, but it might be their slowest investment yet. The brand started in Los Angeles in 1963 by the Hyman family; they ran it for 35 years. In 1996, Singaporean brothers Victor and Sunny Sassoon bought the Asian franchise rights and built 29 stores in two years across Singapore and Malaysia. By 1998, the Sassoons bought the parent company, owning 100% of CBTL. Then later in 2013, Advent, Mirae Asset Sharekhan, and CDIB Capital Group 中華開發資本 took significant growth equity stakes to prepare them for an exit. In 2019, Jollibee paid $350 million for 80%. Today, CBTL runs 1,084 stores across 20 countries, with Singapore as its densest market outside the US with 79 locations. In 2025, Compose Coffee drove 56.6% of Jollibee's entire coffee and tea segment growth. In Q1 2026, Highlands Coffee grew at 8.0%, Milksha at 8.9%, and CBTL at 1.4%. With a US listing in 2027, the market will be pricing every brand on its own merit. But at 1.4%, CBTL's long standing history might have to do the compensating.