Tim Ho Wan sells Japan business, buys North America
The fast-casual chain is partnered with WDI Corporation for both deals.
Tim Ho Wan is selling its Japan business for $1m whilst buying the full operational rights for its North America business from its joint venture partner WDI Corporation.
Under the new definitive agreements with WDI, Tim Ho Wan will acquire WDI’s 30% interest in the joint venture that operates the Tim Ho Wan platform across North America, moving from majority partner to sole owner for $5.05m
Upon completion, Tim Ho Wan’s North America platform will include five stores in the US, comprising three company-owned stores and two franchised locations with further expansion planned through franchising. Tim Ho Wan will take over the New York and Hawaii stores and assume management of the Las Vegas and Texas locations.
In turn, Tim Ho Wan is selling its 30% interest in the joint venture that holds the unit franchise rights for Tim Ho Wan in Japan to WDI for $1m. Following the transaction, WDI will own 100% of the franchise rights vehicle responsible for developing and overseeing the Tim Ho Wan brand in the Japanese market.
WDI currently operates four Tim Ho Wan stores in Japan, with three stores in Tokyo and one in
Osaka, including the brand’s flagship Hibiya location.
WDI is a publicly listed restaurant company headquartered in Tokyo, Japan. Founded in 1954, WDI develops, operates, and manages a diverse portfolio of restaurant brands across Japan and international markets.
Tim Ho Wan is a fast casual dining chain owned by Jollibee Foods Corporation.
