April 13, 2024

Billionaire Tony Tan Caktiong’s Jollibee Boosts Titan Dining Investment

Jollibee Foods—controlled by billionaire Tony Tan Caktiong and his family—is boosting its investments in Titan Dining, the private equity fund that owns the Tim Ho Wan chain of dim sum restaurants across the Asia Pacific.

Through its wholly-owned subsidiary, Jollibee Worldwide, the Philippines’ largest restaurant chain has committed to invest an additional S$90 million ($66.6 million) in Titan Dining II, which has a S$100 million fund to be deployed in strategic investments in food and beverage concepts, the company said in a regulatory filing.

Jollibee has been steadily increasing its investments in Titan Dining, which owns and operates more than 60 Tin Ho Wan outlets across China, Hong Kong, Taiwan, Singapore and the Philippines. It originally invested S$45 million in Titan Dining in 2018 and now has injected more than S$400 million in the company.

Known for its signature fried chicken dish Chickenjoy, Jollibee has been growing its global footprint and portfolio of restaurants, which includes Denver-based Smashburger, California-based Coffee Bean and Tea Leaf and Taiwan’s Milksha. Last month, it bought a 10% stake in Botrista—a U.S. company that manufactures automated beverage dispensers—for $28 million.

While investing in new businesses, Jollibee has been expanding its core fast food chain. It has earmarked 23 billion pesos ($408 million) this year to add as many as 750 outlets and bring its global store network to more than 7,600 by year end.

Jollibee traces its roots to 1975 when Tan and his family opened an ice cream outlet in Quezon City, a Manila suburb. The store added sandwiches and other items to its menu, eventually evolving into the first Jollibee restaurant in 1978. With a net worth of $3.2 billion, Tan and his family ranked No. 5 when the list of the Philippines richest was last published in August.

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