In a significant move set to shake up the fast-food and dining industry in Asia, Jollibee Foods Corporation, the parent company of the popular Philippine fast-food giant Jollibee, announced on November 5, 2023, that it has reached a deal to wholly acquire the renowned Hong Kong dim sum franchise, Tim Ho Wan, for approximately S$20.2 million (US$15.3 million).

This strategic acquisition was confirmed through a filing with the Philippine Securities and Exchange Commission. Jollibee has signed an agreement for the full transfer of ownership and management of Tim Ho Wan from Titan Fund to its subsidiary, Jollibee Worldwide. Notably, Titan is a private equity fund that also operates popular dining spots such as Common Man Coffee Roasters and Tiong Bahru Bakery in Singapore.

Since January of this year, Jollibee Worldwide already held a significant 92% interest in Titan, making this acquisition a natural progression of their relationship. The latest transaction will involve a cash payment of S$20.2 million, which corresponds to the 8% interest held by other investors in Titan.

However, the acquisition won’t be immediate; it remains contingent upon certain closing conditions. Once finalized, Tim Ho Wan will officially become a part of Jollibee's expanding portfolio, impacting their financial reporting and operational strategies.

Jollibee, widely celebrated for its delicious fried chicken, has been on a growth trajectory. The company also oversees several other brands, including Yoshinoya, Common Man Coffee Roasters, and Tiong Bahru Bakery. Excitingly, in July, the fast-food behemoth extended its reach by taking control of South Korea's Compose Coffee, which boasts over 2,700 outlets nationwide. Moreover, in a bid to strengthen its coffee segment, Jollibee invested a whopping US$100 million to acquire The Coffee Bean & Tea Leaf in 2019.

This move to acquire Tim Ho Wan not only enhances Jollibee’s presence in the food and beverage arena but also signifies its intent to diversify its offerings. Food enthusiasts are undoubtedly thrilled at the prospect of enjoying the authentic dim sum experience that Tim Ho Wan is famous for, combined with Jollibee's commitment to quality and service. With this acquisition, will Jollibee redefine the dim sum experience in Asia? Stay tuned for more delicious news!