Jollibee acquires stake in Taiwanese beverage brand Milkshop

Jollibee Foods Corporation has acquired Taiwanese beverage brand Milkshop International Co. After the acquisition, Jollibee Foods Corporation will own 51% of shares in Milkshop International Co for approximately US$12.8 million. One of the co-founders of Milkshop will continue to retain the 49% ownership of the brand. Currently, Milkshop has over 250 outlets across APAC, including 231 outlets in Taiwan, four in Hong Kong, two in both Melbourne and Vancouver, and 12 in Singapore. 

In 2020, despite the pandemic, the total sales for both franchise and company units of Milkshop amounted to US$74.7 million. Bubble tea has been gaining popularity across markets. First introduced in Taiwan in 1987, it has since grown into a multi-billion-dollar industry worldwide. JFC said it will leverage this opportunity to participate in the beverage category and grow the Milksha brand Milkshop globally.

In June 2021, JFC brought Milksha to Filipino consumers. JFC and its subsidiaries, Fresh N’ Famous Foods and Mang Inasal Philippines now have the exclusive rights, through a licensing agreement with Milkshop, to sell and market products under the Milksha brand in their stores. Milksha products will soon be sold in Chowking stores.

Jollibee Foods Corporation has been expanding its portfolio this year. It increased the fund size of Titan Dining (Titan) which owns the Tim Ho Wan brand and company-owned Tim Ho Wan stores to strengthen its portfolio to serve Chinese cuisine in different parts of the world. The company said its wholly owned subsidiary Jollibee Worldwide Pte Limited (JWPL) had announced amendments to the Limited Partnership Agreement for Titan Dining, increasing the fund size of Titan from its current SG$200 million to SG$250 million to fund working capital requirements of Tim Ho Wan as well as facilitate the completion of other projects.

Titan will also have additional investors, who will be taking up a 10% participating interest in the firm. With the increase in fund size and entry of additional investors, JWPL’s commitment to the fund amounts to SG$225 million comprising 90% of the increased fund size and total commitments.

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