Jollibee Foods Corporation (JFC) has acquired a majority stake in Taiwanese bubble tea café operator Milkshop International.
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JFC bought 51 percent stake in the firm for US$12.8 million as the Philippines’ largest restaurant operator accelerates its global expansion. Milkshop operates specialty tea shops under the Milkshop and Milksha trade names. It has more than 250 bubble tea cafés across Taiwan, Hong Kong, Singapore, Canada and Australia.
“First introduced in Taiwan in 1987, the bubble tea has since grown into a multibillion-dollar industry worldwide. This gives JFC the opportunity to participate in this fast-growing beverage category and together with Milkshop’s founder, grow the Milksha brand globally,” JFC said in a press statement.
According to the filing, Milkshop generated system-wide revenues of US$66.5 million in 2019 and US$74.7 million in 2020.
JFC is one of Asia’s largest food service companies with a worldwide network of more than 5,800 stores with 17 brands operating in 34 countries.
Aside from the flagship Jollibee brand, its other brands include Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King (local franchise), PHO24 and Panda Express (local franchise). In China, it operates Yonghe King, Hong Zhuang Yuan, Tim Ho Wan and Dunkin Donuts franchise. It also owns Vietnam’s Highlands Coffee as well as American chains Smashbhurger and Coffee Bean & Tea Leaf.
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Milksha products are now being sold in some Jollibee units under a licensing agreement and will soon be offered in its Chowking stores.