Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, has forged a joint venture with affiliate Food Collective, Pte. Ltd. (FCPL) that will own and operate two Singaporean restaurant brands - Tiong Bahru Bakery and Common Man Coffee Roasters - in the
In a disclosure to the Philippine Stock Exchange, the Jollibee said they will set up a joint venture company (JVCo) which will be 60 percent-owned by Jollibee and 40 percent by FCPL.
Both companies have committed to invest up to P250.0 million to the JVCo, which shall have its own resources and personnel with JFC taking the lead in the management and operation of the business.
Jollibee Foods Corp. President and CEO Ernesto Tanmantiong
“We are excited to enter this joint venture with FCPL to own and operate the Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines,” said JFC Chief Executive Officer Ernesto Tanmantiong.
He noted that, “These brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market.”
The JVCo will be the franchisee of both Tiong Bahru Bakery and Common Man Coffee Roasters brands in the Philippines.
FCPL is a majority-owned subsidiary of Titan Lifestyle Holdings Pte. Ltd., a wholly owned subsidiary of Titan Dining LP in which JFC has a 90 percent participating interest.
The company is incorporated in Singapore and its primary activity is owning and operating lifestyle brands, including Tiong Bahru Bakery and Common Man Coffee Roasters.
There are currently 16 Tiong Bahru Bakery and 5 Common Man Coffee Roasters, across Singapore and Malaysia.
Tiong Bahru Bakery is famous for being the "Home of the Hand-made Croissants" and for its baked goods and Coffee, with a commitment to producing high quality food and coffee and celebrating traditional techniques and its local neighborhoods.
Common Man Coffee Roasters operates all-day dining restaurants in Singapore and Malaysia, with an aim to be a Champion for Specialty Coffee and the Best all-day dining concept in Asia.
Common Man Coffee Roasters also does coffee roasting, sale of coffee products and operates a Coffee Barista Academy. It will start its operation in the Philippines within this year.
JFC currently operates three foreign franchised brands in the Philippines, namely Burger King (127 stores), Panda Express (18 stores), and Yoshinoya (7 stores). These brands contribute about three percent to JFC’s consolidated system wide sales.