Singapore – Jollibee Foods Corporation (JFC), through its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd., (JWPL) has announced an increase in stake with private equity fund Titan Dining LP which owns the Tim Ho Wan brand and company-owned stores.
In a recent stock filing by the corporation, JFC said that its fund size of Titan will increase from its current S$350m to S$450m in order to fund the store expansion plans and working capital requirements of Tim Ho Wan and the completion of other projects by the equity fund.
Moreover, JWPL’s participating interest in Titan will also increase from 90% to 92% through purchase of 2% participating interest of another limited partner in the fund for a total consideration of S$7.7m.
With the increase in fund size, JWPL’s total commitment to the fund shall amount to S$414m.
It is worth noting that JWPL has invested S$45m with Titan since 2018 to own a 45% participating interest in Titan. It then increased its capital commitment to S$120m and its fund size increasing from S$100m to S$200m in 2019.
JFC has also a joint venture with Titan for the operation of Tim Ho Wan in China, as well as the operations of Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines through Titan’s Food Collective, Pte. Ltd. (FCPL) subsidiary.
