Foodservice network Jollibee Foods has completed an acquisition of a 15% stake in burger restaurant chain Smashburger from Black Shamrock Partners (BSP).

With this acquisition, Jollibee Foods gains 100% ownership of the restaurant chain.

Jollibee Foods signed a strategic partnership with Smashburger to buy a 40% stake for $335m in 2015, followed by the acquisition of a 45% stake for $100m in February this year.

Black Shamrock Partners’ co-founder and chairman Rick Schaden said: “We could not be more pleased with the partnership we have developed with Jollibee and are thrilled to complete this transaction with a global restaurant powerhouse.

“We have no doubt that with their leadership, the brand will continue to succeed and grow for years to come.”

“We have no doubt that with their leadership, the brand will continue to succeed and grow for years to come.”

Founded in 2007, Smashburger currently operates more than 360 corporate and franchise restaurants in 38 states and nine countries.

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The brand’s offerings include grilled or crispy chicken sandwiches, black bean burgers, fresh salads, signature side items and hand-spun Haagen-Dazs shakes.

The burger chain offers locally inspired items such as the regional burger and sides and locally crafted beer.

Jollibee has more than 3,799 stores, with a footprint in the US, Vietnam, Hong Kong, Saudi Arabia, Qatar and Brunei.