Jollibee Food Corporation invests $24.9mn in Tim Ho Wan franchise in Asia-Pacific

By Laura Mullan
Jollibee Foods Corporation (JFC) has agreed to acquire the master franchise holder of Michelin-star restaurant chain Tim Ho Wan through a private eq...

Jollibee Foods Corporation (JFC) has agreed to acquire the master franchise holder of Michelin-star restaurant chain Tim Ho Wan through a private equity fund investment.

The Philippine fast-food company is investing around SGD$33.5mn (US$24.9) in Titan Dining which has agreed to buy 100% of the Tim Ho Wan Asia-Pacific franchise-holder, Tim Ho Wan Private Limited, and its affiliate Dim Sum Private Limited. 

Dubbed as one of the world’s most affordable Michelin star restaurant chains, Tim Ho Wan Private Limited holds an exclusive, long-term master franchise agreement to operate the dim sum brand in the Asia Pacific, except in Hong Kong where it was founded in 2009. 

The company has franchises in Cambodia, Indonesia, Japan, Macau, Taiwan, Thailand, Vietnam, Australia and the Philippines and has plans for further development in the Asia Pacific. 

Meanwhile, its affiliate Dim Dum Private Limited owns and operates the Tim Ho Wan Stores in Singapore. 


Private equity firm Titan Dining has a fund size of SGD$100mn (US$74.4mn) of which 45% comes from Jollibee Foods Corporation’s investment.

“This agreement provides JFC the opportunity to acquire a substantial ownership in Tim Ho Wan's master franchise in the Asia Pacific region when the term of the fund ends in 7 years, through a purchase mechanism that is provided for in the agreement with Titan Dining LP. To prepare for this eventuality, JFC will operate as a franchisee of Tim Ho Wan in Shanghai, People's Republic of China," the fast-food giant said.

“This investment gives JFC the opportunity to have a significant interest in the Tim Ho Wan franchise in the long term and will bring very healthy financial returns to [the company]," added Jollibee chairman Tony Tan Caktiong.

Jollibee Foods Corporation is a Phillippine multinational company that owns brands such as ChowKing, Yonghe King and Hong Zhuang Yan. 

Last month it acquired an additional 45% stake in Smashburger Master, making it the majority owner of the American burger chain. 


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