Jollibee takes full control of Tim Ho Wan business

1 min readUpdated Aug 12, 2021Aug 12, 20217:51 AM

In this article (5)

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.

AdvertisementAdvertise with usMobile 320×100

What this means

Jollibee's full acquisition of Tim Ho Wan is a decisive move, consolidating control to accelerate aggressive expansion, particularly in the critical Chinese market. This centralisation should streamline operations and decision-making for the ambitious 100-store target, an approach more direct than competitors' diversified entry strategies like Whole Foods' private label launch or Odi's direct sales. While increasing operational risk, JFC’s proven track record with other acquisitions, such as the 70% stake in Compose Coffee, suggests confidence in its ability to scale brands effectively. The primary pressure will be on competitors in the Asian casual dining segment as a unified Jollibee aggressively drives growth. The key indicator will be the store count in Shanghai and other new markets by late 2026.

Aiko Tanaka · Retail News Asia newsroom

Questions & Answers

What percentage of Titan Dining did Jollibee Worldwide already own before this transaction?

Jollibee Worldwide already owned 85 per cent of Titan Dining. This acquisition brings their ownership of the private-equity firm, which owns the Tim Ho Wan business, to full control.

How much is Jollibee paying for the remaining stake in the Tim Ho Wan business?

Jollibee Worldwide will pay US$52.7 million for the remaining stake in Titan Dining. This sum secures their complete ownership of the company that controls the Tim Ho Wan brand and its company-owned stores.

What are JFC's expansion plans for the Tim Ho Wan network?

JFC plans to expand the Tim Ho Wan network to 100 stores within four years. This strategy builds on a joint venture established last September to open a restaurant in Shanghai.

How many restaurants does the Tim Ho Wan chain currently operate?

The Tim Ho Wan chain has expanded to 53 restaurants across Asia. This growth occurred under private-equity ownership and more recently under JFC’s control.

Reader pulse

Is Jollibee's full control a smart move for Tim Ho Wan's growth?

20,084 votes so far