Jollibee Foods Corporation (JFC) says its subsidiary Jollibee Worldwide (JWPL) will raise its stake in Titan Dining, a private equity fund that owns the Tim Ho Wan restaurant chain.
Titan’s funds will expand from US$263 million to $338 million to finance Tim Ho Wan’s store development ambitions and working capital requirements, as well as the completion of other projects.
JWPL’s stake in Titan – Tim Ho Wan’s master franchisee in the Asia Pacific region – will increase from 90 per cent to 92 per cent through the purchase of an interest owned by another shareholder for $5.79 million.
With the increase in fund size, JWPL’s total contribution to the fund will be $311 million.
According to the companies, the additional capital will support the growth of Tim Ho Wan, other brands, and future food and beverage ideas that will be part of Titan’s portfolio.
JFC invested $33.86 million in Titan in May 2018 to acquire an initial 45 per cent stake.
JFC also has two joint ventures with Titan: one in China for Tim Ho Wan and one in the Philippines for Tiong Bahru Bakery and Common Man Coffee Roasters.
Tim Ho Wan operates 19 restaurants in Mainland China – most in Shanghai – and JFC intends to aggressively expand the chain there, aiming to reach 100 outlets.
