Jollibee Foods Corp (JFC) is to buy out its minority joint-venture partners in the private-equity firm that owns the Tim Ho Wan business, giving the Philippine company full control.
Jollibee Worldwide, which already owns 85 per cent of Titan Dining, will pay US$52.7 million for the remaining stake in the business which owns the brand and the company-owned stores.
JFC and Titan Dining established a joint venture in September last year to open a Tim Ho Wan restaurant in Shanghai and now plans to expand the network to 100 stores within four years.
“JFC aims to build as an important part of its portfolio a significant business serving Chinese cuisine in different parts of the world,” the company said in a statement.
Tim Ho Wan was founded by Mak Kwai Pui – previously of three Michelin starred Lung King Heen restaurant at Hong Kong’s Four Seasons Hotel – and partner Leung Fai Keung. The two chefs opened their first 20-seater top dim sum eatery in Mongkok in 2009.
Under private-equity ownership – and latterly JFC’s control – the chain has expanded to 53 restaurants across Asia.
