Smashburger is a leading fast casual “better burger” restaurant known for its fresh never frozen, 100% Certified Angus Beef® burgers that are smashed on the grill to sear in the juices, creating an upscale quality burger packed with flavor and served at a great value. The company began in 2007 and now operates more than 340 corporate and franchise restaurants in 35 states and seven international countries. Iron Gate invested in 2010 when there were just 35 Smashburger restaurants. In October 2015, Jollibee Foods Corporation acquired a 40 percent stake in Smashburger for $134 million. JFC is a publicly-traded company based in the Philippines that operates more than 3,000 restaurants worldwide. The deal, which gave Smashburger a $335 million valuation, allows JFC to acquire the rest of the company over the next five to seven years.