Asian fast food giant Jollibee Foods Corp. (JFC) is infusing additional capital to scale up the expansion of Michelin-star restaurant chain Tim Ho Wan.
JFC said the fund size of Titan Dining LP, the private equity fund which owns the Tim Ho Wan brand, would increase from the current $250 million to $350 million, as wholly owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) announced its additional capital call commitment.
Aside from funding store expansion, the additional infusion will be used as working capital requirements of Tim Ho Wan and facilitate the completion of the other projects.
JWPL’s total commitment to the fund now amounts to $315 million with the increase in fund size. JWPL has a 90 percent participating interest in Titan.
JFC’s joint venture with Titan now has 11 restaurants in China, mostly located in Shanghai.
Owned by the family of bilyonaryo Tony Tan Caktiong, JFC plans to aggressively expand Tim Ho Wan in mainland China with a target of reaching 100 outlets within the next four years.
Tim Ho Wan operates a total of 67 branches in Asia, mostly franchised stores with the largest concentration in China with 32, Singapore with 13 and Philippines with seven.
JFC acquired a 45 percent stake in Titan in 2018 and increased it to 100 percent in August 2021.