Jollibee Foods Corp., a Philippine-listed food service group that is one of the largest in Asia, said Tuesday its unit Jollibee Worldwide Pte Ltd. is infusing additional capital into Titan Dining LP.
Titan Dining, a private equity fund which owns the Tim Ho Wan brand and company-owned Tim Ho Wan restaurants, will be increasing its current fund size to SGD450 million from SGD350 million to support the expansion of Tim How Wan, other brands, and other future food and beverages concepts that may be included in the portfolio in the future.
Jollibee said that JWPL will also increase its stake in Titan Dining to 92 percent from 90 percent by buying out the 2 percent stake of an investor for SDG7.7 million.
With the higher stake, JWPL’s capital share in Titan Dining will be SGD414 million.
Jollibee initially invested SGD45 million in Titan Dining in May 2018 to own 45 percent of the private equity fund. That investment was increased to SGD120 million in October 2019, giving Jollibee a 60 percent stake as Titan Dining doubled its fund size to SGD200 million. A year later, JWPL bought a 25 percent stake in Titan Dining held by another investor for SGD36.3 million—giving the Jollibee group an 85 percent stake in the private equity fund.
In August 2021, JFC purchased the remaining 15 percent of other investors in Titan.
On November 1, 2021, JWPL entered into an amended Limited Partnership Agreement with Titan to increase the fund size to S$250,000,000. Additional investors also joined the fund with a 10 percent participating interest in Titan. JWPL’s total commitment increased to S$225,000,000 which comprised 90 percent of the increased fund size and total commitments.
In September 2022, the fund size of Titan increased from S$250,000,000 to S$350,000,000 with JWPL’s commitment to the fund amounting to S$315,000,000.
JFC has two joint ventures with Titan for Tim Ho Wan in China, and for operations of Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. Tim Ho Wan has 19 restaurants in the PRC, mostly in Shanghai. JFC plans to aggressively expand Tim Ho Wan in Mainland China with a target of reaching 100 restaurant outlets in the middle term.
Tim Ho Wan operates a total of 78 outlets in Asia, mostly franchised stores with the largest concentration in China at 40, Singapore 11 and Philippines 9.
