Jollibee Foods Corporation (JFC), the iconic Filipino fast-food giant, is set to fully acquire Tim Ho Wan, the renowned Hong Kong-based dim sum restaurant. This strategic move not only enhances Jollibee’s international presence but also positions it as a significant player in the growing Chinese cuisine market.
The Deal: A Step Forward in Jollibee’s Global Expansion
JFC recently announced to the Philippine Stock Exchange that its subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL), has entered into a share purchase agreement with Titan Dining Group Ltd., part of Titan Dining LP (Titan Fund). Through this deal, Jollibee will acquire an additional 166.5 million shares in Tim Ho Wan Holdings Pte. Ltd. (TPL), the company behind Tim Ho Wan’s operations.
With only a few final conditions left to be met, this acquisition is set to seamlessly integrate Tim Ho Wan into Jollibee’s portfolio. Since January 2024, Jollibee has already held a 92% stake in Titan Fund, meaning the cash outlay for this transaction is approximately SGD 20.2 million for the remaining 8%.
Tim Ho Wan: A New Star in Jollibee’s Culinary Lineup
Known for its Michelin-starred dim sum, Tim Ho Wan has 80 locations across 11 countries, making it a prestigious addition to Jollibee’s growing empire. Once the acquisition is complete, Tim Ho Wan will become Jollibee’s flagship brand in the Chinese cuisine segment, catering to the increasing global demand for authentic Asian flavors.
Image Credits: facebook.com/TimHoWanPH
The History: Jollibee’s Inspiring Rise
Jollibee’s journey began in 1975 when Dr. Tony Tan Caktiong and his wife Grace started a small ice cream business in Manila. By 1978, they transitioned their shops into a fast-food chain, recognizing the demand for hot meals. Today, Jollibee is an internationally beloved brand, with its roots firmly planted in the hearts of Filipinos and expanding across the globe.
Looking Ahead: A Diverse Portfolio and Global Ambitions
Jollibee’s portfolio extends beyond its flagship brand, encompassing a diverse range of businesses in the Philippines. These include Yoshinoya, Chowking, Red Ribbon, Common Man Coffee Roasters, and Tiong Bahru Bakery.
This year, Jollibee expanded even further with the acquisition of a controlling stake in South Korea’s Compose Coffee, a chain with over 2,700 outlets. Additionally, Jollibee owns The Coffee Bean & Tea Leaf in the Philippines, acquired in 2019 for $100 million.
Image Credits: unsplash.com
From a local fast-food leader to a global culinary giant, Jollibee continues to shape the future of dining.
