Filipino fast food chain Jollibee Foods Corporation announced yesterday that it plans to invest $33.5 million (roughly P1.74 billion) to acquire Titan Dining, the franchise holder of Michelin-starred restaurant Tim Ho Wan in the Asia Pacific.
Originally from Hong Kong, Tim Ho Wan was dubbed one of the first affordable Michelin-starred establishments in the world, which saw long queues when it first opened in the Philippines in 2014.
As per the Philippine Stock Exchange announcement:
Jollibee Foods Corporation (JFC), the largest Asian food service company, disclosed today that JFC, through its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd., shall invest up to SGD 45m (USD 33.5m) in Titan Dining LP (“Titan”), a private equity fund that has executed (through a wholly owned subsidiary) a binding agreement for the acquisition of 100% of the Asia Pacific master franchise holder of the “Tim Ho Wan” brand, Tim Ho Wan Pte. Ltd. (THWPL), and its affiliate Dim Sum Pte. Ltd. (DSPL), which owns and operates Tim Ho Wan stores in Singapore (the Companies).
THWPL holds the exclusive long-term master franchise to operate “Tim Ho Wan” food and beverage business within the Asia Pacific region (excluding Hong Kong). Aside from DSPL in Singapore, THWPL also has
franchisees in Cambodia, Indonesia, Japan, Macau, Taiwan, Thailand, Vietnam, Australia, and the Philippines, with further development planned in the Asia Pacific region.
There are 40 restaurant outlets under THWPL and DSPL, both company-owned and franchised stores. Titan has a fund size of SGD 100m, with JFC’s planned investment constituting 45% of the total committed investments in Titan, and the balance coming from other investors. Titan is managed by Titan Dining Partners Ltd., consisting of individuals with extensive experience in the food and beverage sector in the Asia Pacific region. JFC will sit in the Investment Committee of Titan.
Currently, Tim Ho Wan outlets in the Philippines are owned by Foodee Global Concepts, which also brought in other Michelin-starred dining concepts such as Tsuta Ramen,
“We are looking at the world arena,” Jollibee Foods Corp. President Ernesto Tanmantiong said in October. “The acquisition of new businesses is part of our growth strategy and, over the last few years, we have been entertaining opportunities.”
Jollibee currently has locations in over 12 countries, with plans of a European expansion this year. Early March, JLC opened the first Jollibee Milan. The Filipino fast-food giant is looking to open its first United Kingdom branch in the latter part of the year. In the Philippines, JLC also owns Red Ribbon, Chowking, Greenwich, Manong Pepe's, Mang Inasal, and Tita Frita's