MANILA -- Jollibee Foods is paying $10 million to buy out the remaining 15% stake in Smashburger, as the Philippine fast-food leader doubles down on expansion in the U.S., a key pillar of its global ambitions.
The deal makes Smashburger a wholly owned subsidiary and brings about the exit of Rick Schaden and his partners from the Denver, Colorado-based company that he co-founded in 2007.
