Jollibee’s Next Move: a U.S. IPO?

Author

Andy Moore
January 09, 2026

Hello!

Here are some things I found interesting this week, including:

  • Jolibee’s potential company split

  • Delivery driver AI fraud

  • A truly fierce debate over British Chinese food

3 Numbers

$186.4 million

Amount paid by the (hard-to-define) food company Wonder for Spyce, the robotics division behind Sweetgreen’s Infinite Kitchen. The deal — which was first announced in November of last year — closed this week and will give Wonder a head start in its plans to automate much of its back-of-the-house operations.

27,200

Number of restaurant jobs added in the month of December, representing over half of all new U.S. jobs for the month. Restaurants are a big seasonal employer but the other traditionally big December hirer — the retail industry — actually contracted by 25,000 jobs over the month. The (remarkably resilient) restaurant industry now has 230,000 more employees than it did prior to the pandemic.

70

Number of Sprinkles locations at its peak. In a surprise move, the chain closed all of its remaining corporate locations on Dec. 31, issuing a statement that the company was “transition[ing] away from operating company-owned Sprinkles bakeries.” (I will miss getting a red velvet cupcake from their ATM; I will not miss the jingle.)

2 Big Stories

  1. Jolibee plans on spinning off its international (non-Philippine) business and taking it public in the U.S. Via QSR Magazine:

The company said in a news release that it’s working with international and local advisors on defining the structure and timing of the separation and upcoming U.S. listing. The transaction is expected to occur in late 2027. JFC acknowledged that the strategy could change and there is no assurance an actual separation will occur.

Under this potential move, the Philippine-based business would remain listed on the Philippine Stock Exchange.

“The planned spin-off and listing reflects the continued development of JFC’s portfolio and the Company’s objective of establishing two independently listed businesses, each with a distinct strategic focus and investment profile,” JFC said in a statement. “The structure is designed to sharpen strategic focus for each company and support each business in pursuing its strategic ambitions, while enhancing the clarity of each equity story and enabling investors to engage with the business profiles most aligned with their investment objectives.”

According to JFC, the proposed Jollibee Food Corporation International (JFCI) would encompass all operations and businesses outside of the Philippines and “represent a global growth company that includes a portfolio of fast-growing international concepts across multiple categories and geographies.”

JFC operates and controls the Jollibee Group, which comprises 19 brands and over 10,000 locations in 33 countries. The portfolio features nine wholly owned chains, including Jollibee and Smashburger, and five franchised brands, including Burger King and Panda Express.

Jollibee has a few big things going for it: AUVs in its US-based restaurants are killer ($4.4 million in 2024); it’s growing (11.9% same-store-sales growth in Q3 of 2024, plus a slew of new franchise development deals); and it serves boneless chicken, which you may have noticed is quite popular these days.

  1. Chipotle is pushing hard this year into sports-themed marketing, announcing this week new integrations with EA Sports and the PGA Tour on back-to-back days. Via Nation’s Restaurant News:

Chipotle’s recent marketing barrage continues as the company announced today two new integrations in EA Sports College Football 26 ahead of the playoffs, which continue this weekend and include Oregon, Indiana, Miami, and Mississippi.

As part of the campaign, Chipotle is offering gamers a chance to score an exclusive “Taste Victory College Ultimate Team Pack” and hosting an online College Football 26 tournament for its latest edition of the Chipotle Challenger Series.

Apparently, you can also have your created player sign an NIL deal with Chipotle, which is pretty hilarious and adds a bit of realism.

As for the PGA deal, via Sports Business Journal:

The PGA Tour has a new official marketing partner through a deal with Chipotle, which is now the tour’s official Mexican restaurant. The deal also makes Chipotle the official burrito, bowl, taco and quesadilla of the tour as well as the 50-and-over PGA Tour Champions.

Among other assets, Chipotle will sponsor the “Hot Streak” feature on the PGA Tour’s website and mobile app. The tour last year introduced the feature, which puts a fire emoji alongside players on the leaderboard who are making a move up.

Tour players Max Homa and Maverick McNealy will continue as Chipotle ambassadors along with incoming tour rookie David Ford.

Was Scottie Scheffler not available? He’s such a fan he goes to a Chipotle in an undisclosed location (so he won’t be recognized) to crush a double-steak bowl.

Other Headlines

Name That Chain!

You’ve got three guesses to name this week’s mystery chain:

  • It’s on an expansion tear, with over 200 locations opened in the past two years

  • A significant share of sales comes from proprietary, customizable energy drinks … not its core category

  • It’s leveraged this product line to drive some of the highest drive-thru volumes in beverage retail

Find the answer at the bottom of the email…

#Content Recs

Power Moves

Big start to the year for industry seat changes:

Thanks for reading! I’ll see you next week.

NAME THAT CHAIN ANSWER: Dutch Bros

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