MANILA, Philippines–A consortium led by homegrown fast-food giant Jollibee Foods Corp. has sealed the deal to operate the Dunkin Donuts master franchise in key territories in mainland China, cementing its position as a leading Asian restaurant chain.
JFC’s offshore investment unit has formed a joint venture with Jasmine Asset Holdings Ltd., a unit of RRJ Capital Master Fund II, an Asia-based investment company, called Golden Cup Pte. Ltd., the company disclosed to the Philippine Stock Exchange on Tuesday.
Golden Cup has signed with Dunkin Donuts Franchising LLC the masters franchise agreement granting the former the exclusive right to develop Dunkin Donuts in a number of booming territories in the People’s Republic of China: Hong Kong, Macau, Fujian, Hunan, Jianxi, Guangdong, Hainan, Guano, Beijing, Tianjin, Hebei, Shangxi, Chongqing, Guizhou, Sichuan, Yunnan, Heilongjiang and Jilin.
Based on an earlier disclosure, the joint venture plans to invest $300 million in expanding and operating the Dunkin Donuts network in China.
Jollibee, through unit Jollibee Worldwide Pte. Ltd. (JWPL), owns 60 percent of the joint venture firm Golden Cup while Jasmine owns the remaining 40 percent.
Golden Cup has committed to open and operate a minimum of 1,459 stores in China over a period of 20 years, based on an agreed development schedule. Of the $300-million investment committed by the partnership, JWPL will contribute $180 million and will also have management control of this business.
Dunkin Donut is one of the world’s leading baked goods and coffee chains, serving more than five million customers a day worldwide. As of end-September, there were 11,123 Dunkin Donuts stores worldwide, including 7,941 franchised restaurants in the United States and 3,182 shops outside the US.