By South China Morning Post
Philippines’ Jollibee Foods Corporation (JFC), famous for its fried chicken, is aiming to not only expand to China, but to serve Chinese food all over the world to drive growth, a goal it hopes to achieve by acquiring Michelin starred restaurant chain Tim Ho Wan.
Jollibee Worldwide, a unit of JFC’s, completed the acquisition of Hong Kong-based Tim Ho Wan last month by paying S$71.56 million (US$53.25 million) for a 15 per cent share that it did not yet own, to private-equity fund Titan Dining, which held the restaurant’s master franchise. It now owns 100 per cent of Tim Ho Wan.
“The Jollibee Group aims to build, as an important part of its portfolio, a significant business serving Chinese cuisine in different parts of the world. In line with plans to further expand operations in China, JFC entered into a joint venture agreement with the Tim Ho Wan Group to open and operate Tim Ho Wan restaurants in the mainland,” said a company spokesman.
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