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Jollibee ups investment in Tim Ho Wan for dim sum restaurant’s growth

Lance Spencer Yu

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Jollibee ups investment in Tim Ho Wan for dim sum restaurant’s growth

Marian Hukom/Rappler

Jollibee Foods Corporation plans to ‘aggressively expand’ Tim Ho Wan’s store network in mainland China, aiming to hit 100 stores in the middle term

MANILA, Philippine – Jollibee Foods Corporation (JFC), one of the largest food service companies in Asia, is increasing its ownership stake in the private equity fund that owns Tim Ho Wan by an additional S$7.7 million to fuel expansion plans. 

JFC’s wholly owned subsidiary, Jollibee Worldwide, upped its investment in Titan Dining – the private equity fund which owns the dim sum restaurant chain – to a total commitment of S$414 million.

This came after Jollibee Worldwide bought out a limited partner’s 2% participating interest in the fund. Jollibee’s stake in Titan has now risen from 90% to 92%.

“These amendments are necessary to support the growth expansion of Tim Ho Wan, other brands, and other future food and beverages concepts that will be part of Titan’s portfolio,” JFC said in a stock market disclosure on Tuesday, January 2.

JFC stated that it “plans to aggressively expand” the Michelin-starred dim sum restaurant chain in mainland China, hoping to grow from 19 branches to 100 in the middle term. 

JFC also has a joint venture with Titan to operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. Tiong Bahru Bakery is known for its “handmade croissants,” while Common Man Coffee Roasters operates all-day dining stores in Singapore and Malaysia. (READ: Jollibee Foods bringing Tiong Bahru Bakery, Common Man Coffee Roasters to Philippines)

The Philippine-based restaurant giant’s investment in Titan began in 2018 when it invested S$45 million with the intention of owning Tim Ho Wan’s master franchise in the Asia Pacific. By August 2021, JFC bought out all other investors in Titan to become the sole owner of Tim Ho Wan.

However, in November 2021, Jollibee entered into an amended limited partnership agreement to increase Titan’s fund size to S$250 million, allowing additional investors to join the fund with a 10% participating interest. This cut Jollibee’s stake in Titan to 90% before its recent additional investment.

As a whole, the fund size of Titan has now reached S$450 million, with Jollibee’s commitment amounting to S$414 million.

Meanwhile, JFC’s store network has reached 6,805 stores around the world as of November 2023. It currently operates 1,645 Jollibee stores globally, along with 1,146 Coffee Bean and Tea Leaf stores, 757 Highlands Coffee stores, 614 Chowking stores, and 571 Mang Inasal stores. – Rappler.com

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Lance Spencer Yu

Lance Spencer Yu is a multimedia reporter who covers the transportation, tourism, infrastructure, finance, agriculture, and corporate sectors, as well as macroeconomic issues.