Jollibee group invests $28M for 10% stake in beverage tech company Botrista
Listed Jollibee Foods Corp (JFC) announced on Wednesday a $28-million investment to acquire a 10% stake in US-based beverage technology company Botrista, Inc.
“We look forward to Botrista’s rapid and asset-light distribution and channel expansion that will create more value to its partners and ultimately, the end consumers,” JFC Chairman Tony Tan Caktiong said in a statement.
Botrista holds more than 100 patents worldwide for its proprietary dispense technology, which provides automated solutions to serve cold specialty coffee and tea-based drinks.
JFC’s wholly owned subsidiary Jollibee Worldwide Pte. Ltd. will be the lead investor. The funds will come from its current surplus cash.
JFC’s brands in the coffee and tea business include Coffee Bean and Tea Leaf, Common Man Coffee Roasters, and Highlands Coffee.
“This gives JFC an opportunity to leverage Botrista’s technological capabilities, which will create significant learnings and synergies that will further enhance JFC’s competitive advantage,” the fast food giant said.
“It will pave strategic access to innovative and sustainable platform and technology, creating gateway to tap the $3 trillion-worth total addressable market for beverages industry globally, by expanding distribution channels and providing consumers with healthier options,” it added.
On Wednesday, JFC shares fell by 0.55% or P1.40 to P252.60 apiece. — Revin Mikhael D. Ochave
