Tim Ho Wan is set to take full ownership and operational control of its North American business after Jollibee Group-owned Tim Ho Wan agreed to acquire WDI Corporation’s remaining 30% interest in their North American master franchise joint venture.
Jollibee Foods Corporation (JFC) announced on August 18 that Tim Ho Wan had signed definitive agreements with WDI, its long-standing joint venture partner across North America and Japan, to realign ownership of the brand in the two markets. The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed in the third quarter of 2026.
Tim Ho Wan will pay WDI approximately US$5.05 million for the Japanese restaurant operator’s 30% stake in the North American venture. Once completed, Tim Ho Wan will become the sole owner of the platform, giving it the ability to independently operate, develop, franchise and appoint franchise partners across North America.
The move strengthens Jollibee Group’s control over one of its priority international growth platforms and is expected to give Tim Ho Wan greater flexibility in capital allocation, market entry and franchise development.
Five US Restaurants, with Franchising at the Centre of Growth
Following completion, Tim Ho Wan’s North American platform will comprise five US restaurants, three company-owned locations and two franchised restaurants. Tim Ho Wan will take over the New York and Hawaii stores and assume management of the Las Vegas and Texas locations.
The company is targeting 20 US restaurants by 2028, effectively quadrupling its current US footprint. Future expansion is expected to rely increasingly on franchising and local development partnerships.
The strategy follows the opening of Tim Ho Wan’s Irvine, California restaurant, its first company-operated US location. Jollibee Group said the Irvine operation has provided a repeatable operating blueprint for the US market, while full ownership will allow the brand to expand into additional states and provinces and structure franchise partnerships independently.
Jollibee Group also cited 2026 IBISWorld estimates putting the US Chinese restaurant industry at approximately US$29 billion in annual sales, highlighting the scale of the addressable market. The company said the dim sum segment remains fragmented, with relatively few brands operating at scale across multiple markets.
“North America is one of Tim Ho Wan’s most important growth markets, and taking full ownership of the platform gives us greater flexibility to invest in, expand and franchise the brand as we pursue its next phase of growth,” said Yeong Sheng Lee, CEO of Tim Ho Wan.
Lee said the restructuring would enable Tim Ho Wan to move faster and focus resources on markets offering the greatest long-term opportunity, while allowing WDI to concentrate on Japan.
WDI Takes Full Control of Japan Franchise Operations
The North American transaction is part of a reciprocal restructuring. WDI will acquire Tim Ho Wan’s 30% interest in the Japan joint venture that holds the brand’s unit franchise rights in Japan.
WDI will pay approximately JPY166.1 million, or about US$1 million, for the stake and will become the 100% owner of the franchise-rights vehicle responsible for developing and overseeing Tim Ho Wan in Japan.
WDI currently operates four Tim Ho Wan restaurants in Japan, three in Tokyo and one in Osaka, including the brand’s flagship Hibiya location. Despite the ownership realignment, Tim Ho Wan will remain the franchisor and WDI will continue as its franchise partner in Japan.
“Japan is our home market, and this realignment allows WDI to take full ownership of Tim Ho Wan’s operations here, so we can fully apply our operating expertise and capabilities to grow the brand for Japanese diners,” said Ken Shimizu, President of WDI Corporation.
Shimizu said the companies’ partnership would continue, with WDI remaining a franchise partner in Japan.
The restructuring follows Jollibee Group’s move to full ownership of Tim Ho Wan. JFC completed its acquisition of the remaining interest in the business in 2025, bringing the Michelin-recognized Hong Kong dim sum brand fully into the Jollibee Group portfolio.
The latest transaction therefore does not mean Jollibee Group is selling or reducing its ownership of Tim Ho Wan. Instead, it reorganizes the brand’s operating and franchise rights between Tim Ho Wan and WDI geographically: Tim Ho Wan takes 100% control of North America, while WDI takes 100% ownership of the Japan franchise-rights vehicle.
For Tim Ho Wan, the North American deal creates a simpler structure as it pursues an aggressive US development plan. The brand can now directly control its North American franchise strategy, select development partners and determine the pace and structure of expansion without the previous 70/30 joint-venture ownership arrangement.
The move also comes as Tim Ho Wan continues to build its international network. Its Hong Kong-origin concept is known for its Michelin recognition and signature Cantonese dim sum, including its baked pork buns. The brand’s international model combines company-owned restaurants, franchise operations and local development partnerships.
With five US restaurants following completion and a stated target of 20 by 2028, North America is emerging as one of Tim Ho Wan’s most significant franchise-growth opportunities under Jollibee Group ownership.
